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July 23, 2019
Mumbai, 23 July 2019: Bank of Baroda, India's 2nd largest public sector bank, has entered into a Memorandum of Understanding (MoU) with Pine Labs, India's leading merchant platform, to commemorate the beginning of business partnership on bank's 112th Foundation Day. The MoU was signed by Mr. P S Jayakumar, MD&CEO, Bank of Baroda and Mr. Vicky Bindra, CEO, Pine Labs Pvt Ltd, in the presence of Top Management of Bank of Baroda.
The objective of this collaboration is to provide the affordability solution to debit card holders of BoB by way of POS based EMI solutions and as well as to the merchant segment by way of Fintech lending solutions based on POS linked digital transactions. The partnership also entails leveraging wide spread presence of BoB, both domestic and overseas, and cutting edge digital payment solutions of Pine Labs. The partnership will help to deploy cost effective acceptance channels of Pine Labs for bringing larger merchant segment into the digital payment ecosystem. The current market size of retail sales is estimated to be Rs. 2,30,000 crores, out of which around Rs. 50,000 crore is under finance which provides a great opportunity for both the partners to further expand the bouquet of offerings through unique blend of technology and financial solutions.
Shri. P.S. Jayakumar, MD & CEO, Bank of Baroda said, "At Bank of Baroda we constantly aim to provide best in class customer experience using cutting edge technology solutions and a variety of Fintech partnerships. In line with the objective of Digital India initiative, we are happy to partner with Pine Labs to enhance the digital affordability of customers through On-The-Fly EMI product, and for merchants through Lending @ POS product"
Speaking on the occasion, Vicky Bindra, CEO, Pine Labs said," We are delighted to partner with Bank of Baroda to offer instant EMI for their debit card customers with the help of our cloud-based merchant payment platform. EMI on debit card is an innovative technology-led financial offering that helps make the complex task of consumer lending a quick digital experience. We hope that this partnership will lead to more tech driven financial solutions for Bank of Baroda customers, in India and overseas."
About Bank of Baroda:
Bank of Baroda ("The Bank") established on July 20, 1908 is a State-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.
Bank of Baroda is India's third largest bank with a strong domestic presence supported by self- service channels. Bank's distribution network includes 9,500+ branches, 13,400+ ATMs and 1,200+ self-service e-lobbies. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 21 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and BOB Asset Management Co. Ltd. Bank of Baroda also has joint venture for life insurance viz. India First Life Insurance . The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.
For more information, visit www.bankofbaroda.in
Pine Labs is one of Asia's leading merchant commerce platforms. Its unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions. Pine Labs' stored value platform offers issuing, processing and distributing digital gift cards for corporate customers. Its customer base includes prominent large, mid-sized and small merchants across India, South East Asia and the Middle East. Pine Labs is incorporated in Singapore. Its key investors are Sequoia India, Mastercard, Actis Capital, Temasek, PayPal and Sofina. To know more, please visit www.pinelabs.com