So Hum Bharat Digital Payments, on Tuesday, announced that it is in talks with private sector lender YES Bank for a 9.99 per cent equity investment and will work together on the proposed new umbrella entity (NUE).

“So Hum and YES Bank will jointly work towards the NUE’s product and business strategy with key focus on accelerating innovations, inclusion and digital penetration in India,” it said in a statement.

So Hum was set up by Navin Surya, Chairman Emeritus of Payments Council of India, and Chairman of Fintech Convergence Council.

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“YES Bank believes in Fintech First strategy exactly like So Hu. We are proud to partner with YES Bank, and the combined expertise of the two firms will add significant value to this NUE venture through continuous innovation and disruption,” said Surya.

Last week, So Hum hadannounced about Infibeam Avenue (IA) picking up a 33.33 per cent stake, joining its entity as promoter and investor.

New payment products

It is also in discussions with multiple fintech partners to work and co-create new and innovative payment products and solutions for multiple use cases.

Speaking to reporters, Rajan Pental, Global Head, Retail Banking, YES Bank, said the lender is looking at various opportunities.

The Reserve Bank of India had, on August 18, released the framework for the umbrella entity for retail payments and had also invited application by February 26, 2021.

The framework aims to help entities to set-up, manage and operate new payment systems in the retail space through means such as ATMs; White Label PoS; Aadhaar-based payments and remittance services; newer payment methods, standards and technologies; and also operate clearing and settlement systems for participating banks and non-banks.

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