State Bank of India (SBI) is poised to extend its digital banking app, Yono Global, to Singapore and the United States, offering seamless remittance solutions and a suite of other services to its global clientele. Vidya Krishnan, Deputy Managing Director (IT) at SBI, confirmed the expansion plans during the three-day Singapore Fintech Festival (SFF), which concluded on November 17.
“We are committed to continuously investing in Yono Global to ensure we deliver the best possible experience for our customers,” Krishnan stated in an interview with PTI. He further emphasized the bank’s focus on enhancing remittance services between India and Singapore, considering the significant Indian diaspora in the city-state.
SBI’s Yono Global app has already established a presence in nine countries, with its UK operations commencing in September 2019. The bank’s foreign operations boast a cumulative balance sheet size of USD 78 billion. In Singapore, SBI is actively integrating Yono Global with PayNow, the country’s national payment system, aiming to launch the app soon.
Currently, SBI’s Yono Global is accessible across 9 countries which started in 2019 with the UK. The bank has a balance sheet of $79 Bn from its foreign operations.
The bank has been on a spree to boost its operations on the digital front. In September, it announced the integration of the unified payments interface (UPI) with its digital rupee (e₹), or Central Bank Digital Currency (CBDC) app to enhance user convenience.
Lately, the Indian banking ecosystem has been actively participating in global transaction processes. The country’s very own UPI has entered several other countries including Nepal, France, Singapore, among others. The National Payments Corporation of India (NPCI) is also in talks with some American and African nations to launch it there.
The NPCI was also reported to be planning the roll out of the Bharat Bill Payment System (BBPS) for Non-Resident Indians (NRIs) living in the UK. Through this system, the users living abroad will be able to make payments on behalf of their family members in India. Meanwhile, talks are underway with other countries, including Canada and Singapore, for the same initiative.