Shashank Joshi and BlocPal International Inc have announced their partnership to form a new India based fintech company, mBnk.
The company will initially focus on enabling premium retailer locations in rural and semi-urban areas across the country to provide essential financial and banking services to their communities.
The mBnk digital retail solution will deliver a financial marketplace that enables retailers to offer their customers “mini-banking” financial services including the ability to deposit and withdraw cash, execute domestic money transfers, purchase pre-paid credit cards, buy air-time and pay for utilities. mBnk will continue to enhance services, providing access to more sophisticated banking and financial services for the marketplace.
As the retailer network grows, mBnk will further extend financial services directly to citizens of India and their family and friends abroad with a consumer digital wallet application, creating a more connected physical retailer and consumer experience. Consumers will have instant access to financial services through their own smartphone devices.
