State Bank of India (SBI) Set to Launch Yono Global Banking App in Singapore and the US
The State Bank of India (SBI) is gearing up for the launch of its banking mobile app, ‘Yono Global,’ in Singapore and the United States. The app aims to provide customers with digitalized remittance services and a range of other financial offerings. Vidya Krishnan, Deputy MD (IT) of SBI, expressed the bank’s commitment to investing in Yono Global to provide superior services to its customers.
SBI has been progressively expanding its Yono Global services and is currently operational in nine countries, starting with the UK in September 2019. With foreign operations boasting a total balance sheet size of USD 78 billion, the bank is now turning its focus towards Singapore, a key financial hub with a significant Indian diaspora.
During the three-day Singapore Fintech Festival, Vidya Krishnan engaged in discussions with Singapore-based digital platform enablers, local regulators, and the Monetary Authority of Singapore (MAS). The talks aimed at fostering collaboration and ensuring a smooth integration of Yono Global with the local financial ecosystem. Krishnan emphasized the ongoing efforts to enhance the remittance services between India and Singapore, catering to the needs of the substantial Indian community in the city-state.
SBI is working towards integrating its Yono Global app with PayNow, a popular digital payment platform in Singapore. This integration is expected to streamline and enhance the banking experience for customers, offering seamless and efficient services.
Against the backdrop of the Singapore Fintech Festival, speakers highlighted the importance of emerging technologies, particularly artificial intelligence (AI). Oscar-nominated film director Shekhar Kapur acknowledged the transformative power of AI, stating that it is poised to bring about dramatic changes in various sectors. However, speakers also emphasized the continued need for a human touch and interpersonal connections in financial dealings.
The festival also recognized individuals making significant contributions to the fintech sector. Indian-origin Nikhilesh Goel, Co-founder and Group CEO of Singapore-based Validus Capital, was honored in the Individual Category of the technology testing contests. Validus Capital focuses on providing all-in-one business finance solutions to Southeast Asia’s leading SMEs.