Indian Overseas Bank, Software Technology Park of India ink MoU

Public sector Indian Overseas Bank on Friday signed a memorandum of understanding with the Software Technology Parks of India (STPI) and STPINEXT (a Section 8 company of STPI) for leveraging innovation through the financial technologies engaged under the FinBlue initiative.

The MoU was signed in the presence of IOB Managing Director and CEO Partha Pratim Sengupta and STPI Director General Aravind Kumar, the Chennai-headquartered bank said in a statement.

"This MoU will help the bank in leveraging innovation through the financial technologies engaged under the FinBlue initiative," the statement said.

The FinBlue initiative by STPI is an integrated programme to start-ups to scale through its incubation facility. It provides access to the financial technology ecosystem that consists of bankers, financial institutions, mentors, investors among others.