Yes Bank, an Indian full-service commercial bank, has entered into a Memorandum of Understanding (MoU) with cloud services provider Accelerated Computing Enterprise (trading as Cloud Ace India) to improve customer convenience and security through cloud tech and provide tailored support to startups.
As per a press release, “The agreement signifies a pivotal step in YES BANK’s commitment to facilitating tech innovation and global digital transformation. It also emphasizes the Bank’s endeavour of using advanced cloud tech and financial expertise to assist businesses, startups, and entrepreneurs.”
It further says, “By merging Cloud Ace’s proficiency in cloud infrastructure, backed by YES BANK’s financial knowledge, the collaboration seeks to assist businesses in simplifying their processes, cutting expenses, and achieving efficient growth.”
Speaking about the collaboration, Mr. Sanjiv Roy, Country Head – Fee-Based Products & Service Experience, YES BANK said, “Through relentless efforts and collaborations with burgeoning fintech players, YES BANK has been taking ahead its mantle of being the banker of choice for the startup community. Through this tie up with Cloud Ace India, we intend to offer cloud computing solutions to our customers, along with our suite of cutting edge banking solutions. This partnership aligns with the vision statement of our YES HeadStartup programme.”
YES HeadStartup is a programme curated for the flourishing startup ecosystem of the country. YES BANK aims to provide best-in class solutions for business and personal banking needs of the startups, founders and their employees.
Mr. Saburo Takahashi, MD, Accelerated Computing Enterprise (Cloud Ace India), said, “We are thrilled to partner with YES Bank, a technology led bank. Together, we can provide comprehensive solutions that empower businesses to harness the full potential of cloud technology. This partnership is a testament to our commitment to driving digital transformation and innovation across industries in India.”
Though the Indian Banking, Financial Services and Insurance (BFSI) sector had previously lagged in adopting cloud computing, mainly because of concerns surrounding data confidentiality, security, regulatory compliance, etc. But the Covid 19 pandemic changed everything, and the BFSI sector started embracing Cloud technology, not only because of cost related advantages, but also because it helps them leverage new technologies like Artificial Intelligence (AI), Blockchain, Edge Computing etc.
