SBI to expand Yono Global to Singapore and United States

State Bank of India (SBI) is set to expand its banking mobile app, Yono Global, to Singapore and the United States, aiming to provide digitalised remittance and other services to its customers, according to Vidya Krishnan, Deputy MD (IT). Krishnan, speaking at the Singapore Fintech Festival, stated that SBI continues to invest in Yono Global to offer superior services, with plans to launch in Singapore and the US soon.

During the festival, Krishnan engaged in discussions with Singapore-based digital platform enablers and met with the local regulator and central bank, the Monetary Authority of Singapore (MAS). The focus remains on enhancing remittance services between India and Singapore, given the significant Indian diaspora in the city-state.

SBI initially introduced Yono Global services in nine countries, starting with the UK operations in September 2019. The bank's foreign operations currently boast a total balance sheet size of $78 billion. In Singapore, SBI is integrating Yono Global with PayNow and plans to launch this enhanced service in the near future.

Continued importance of human touch

The news coincides with discussions at the Singapore Fintech Festival highlighting the significance of emerging technologies, particularly artificial intelligence (AI). However, speakers acknowledged the continued importance of human touch and emotions, particularly in person-to-person interactions.

Oscar-nominated film director Shekhar Kapur underlined the transformative impact of AI, stating, "One thing that AI is going to do, it is going to change everything. Change happens dramatically."

In related recognition, Nikhilesh Goel, Co-founder and Group CEO of Singapore-based Validus Capital, an Indian-origin entrepreneur, was named among the winners in the Individual Category during contests showcasing emerging technologies at the festival. Validus Capital focuses on providing all-in-one business finance to Southeast Asia's leading SMEs.

(With PTI inputs)