India-based fintech firm IDBI Intech has partnered with technology advisory firm Lemon Advisors to fuel its global growth.

Particularly, the fintech firm seeks to leverage Lemon Advisors’ capabilities to foray into Southeast Asia, Japan, Australia, the UK and the EU region.

IDBI Intech focuses on delivering fintech products and services for the banking and financial services sector. The portfolio includes solutions to address financial crime, compliance, payment transformation, technology integration among others.

IDBI Intech CEO and managing director Surajit Roy said: “It is estimated that the global spends by financial institutions on regulatory compliance is projected to grow at the rate of 21% to over $5.6bn by 2024 and 75% of this spending will be on financial crime prevention and detection.

“We are delighted to partner with Lemon Advisors and take our solutions to the new global markets.”

Lemon Advisors UK founder and CEO Subhash R. Ghosh said: “IDBI Intech, with its suite of disruptive products in the area of Financial Crime and Payments, leveraging AI and ML, has achieved significant recognition and success.

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“It aims to build a profitable portfolio of their global revenue over the next 18-24 months from these regions. We, at Lemon Advisors UK are extremely proud to be their Advisory partner.”

Based in Mumbai, IDBI Intech specialises in business transformation in the banking and insurance verticals. The company is a wholly-owned subsidiary of the IDBI Bank.

In March, the central bank of the country withdrew certain restrictions placed on the operations of IDBI Bank.