“Can SBM Bank India become the preferred BaaS and co-lending partner bank for Indian fintechs seeking licensed banking infrastructure and RBI-regulated rails?”
SBM Bank (India) Ltd operates as the Indian subsidiary of the SBM Group (State Bank of Mauritius), having converted to a wholly-owned subsidiary banking model under RBI's guidelines. The bank has positioned itself as an API-first, partnership-driven bank, actively enabling fintech companies via Banking-as-a-Service infrastructure. Its strategy centers on co-lending arrangements, fintech partnerships (notably with YAP for switching), and expanding MSME-focused financial products through embedded finance collaborations.
Sbm moves money over Mastercard Send.
Sbm uses Mastercard Send for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 3 layers in Sbm's stack: Money movement (Mastercard Send); Lending (Working capital loans, Term loans, Cash credit, Demand loans and 3 others); FX & payouts (Mastercard Send).
Sbm is headquartered in Mumbai, India.
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