Canada-based software company BlocPal International has partnered with Indian entrepreneur Shashank Joshi to create a new fintech company mBank in India.
Initially, the new fintech firm will focus on providing banking services in retailer locations in rural and semi-urban areas of the country,
Go deeper with GlobalData
The venture will to target the 840 million unbanked or underbanked population living in rural or semi-urban areas.
BlocPal said that mBnk will leverage its digital transaction platform and Shashank and his team’s network and experience.
The mBnk digital retail solution will enable retailers to provide customers with “mini-banking” financial services such as cash withdrawals and deposits, money transfers, purchase prepaid credit cards, buy airtime and pay for utilities.
Later, mBnk will extend its financial services to Indian citizens, their families and friends abroad and provide a consumer digital wallet app.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMoney on Mobile founder and former CEO Shashank Joshi said: “Our goal is to build a network of retailer partnerships across the rural population of India where essential financial services are within a 5kms reach to every community.
“This project is not only an amazing entrepreneurial challenge, but represents, for me, a chance to truly improve the lives of millions of deserving people across the country.
“I am thrilled to be undertaking this challenge with the help of BlocPal and their advanced digital platform.”
As part of the deal, BlocPal will retain considerable stake in mBnk.
mBnk’s consumer digital wallet solutions will use BlocPal’s digital wallet and blockchain platform.
BlocPal founder and CEO Nick Mellios said: “We have found a tremendous partner in Shashank and his team to financially empower the underserved population in India. We believe India is one of the biggest market opportunities for financial services globally.”
