Financial technology giant FIS announced this week its latest client win: India's first women-focused public sector bank, Bharatiya Mahila Bank Ltd.
In the multi-year agreement, FIS will provide the bank with an integrated payments and banking platform as well as an outsourced delivery model that includes, among other things, core banking, trade finance and a suite of payment services. Additionally, FIS said it will set up and manage its data centers as well as manage the branch technology infrastructure.
"Women are one of the most financially underserved market segments in India, and this initiative is a significant step to change that," said Raja Gopalakrishnan, Group Managing Director Asia, at FIS in a release. "FIS is proud to be able to contribute to this important social and fiscal initiative. It is crucial for the success of this venture for Bharatiya Mahila Bank Ltd. to be able to direct its efforts on expanding its reach and growing its customer base without the distractions of owning and running technology operations."
India's government has committed $160 million toward the initial capital of the bank.