UK-based fintech company Leatherback has entered a strategic collaboration with YES BANK to allow simplified remittance and INR payouts in India. As per the information detailed in the press release, Leatherback and YES BANK intend to enable improved remittances and Indian Rupee (INR) payouts in India for its users through the former’s platform.

Currently, Leatherback is one of the first Africa-focused financial technology companies to provide INR remittance payouts, serving the growing trend of Africans and Indians discovering business and lifestyle opportunities on both the African and Asian continents. Considering that trade between African countries and India expanded substantially, Africa is India’s third largest trading partner, following the EU and China. Additionally, India emerged as a major hub for medical tourism, positioning itself among the first six medical value travel destinations globally. The press release mentions that 19.5% of African tourists visited India for medical purposes in 2020.

Leatherback – YES BANK partnership objectives As part of their collaboration, Leatherback and YES BANK intend to serve as the bridge for facilitating economic growth and cultural exchange, enabling communities in both India and Africa via improved financial access and connectivity. The two companies aim to allow businesses, international students, medical migrants, tourists, and other Leatherback users worldwide to utilise its financial technology solutions and YES BANK’s capabilities in retail, MSME, and corporate banking to send funds to individuals and businesses in India. Additionally, the partnership plans to deliver instant collection in the local currency. Moreover, Leatherback enables remittance in Indian currency and payouts to users through SendR, the company’s cross-border payment solution.

Customers need to provide a valid Indian Financial System Code (IFSC) to complete the payments, with them being able to access more than 20 countries, including the UK, Canada, Nigeria, West and Central Africa, and 15 currencies. Also, the company focuses on providing them with a simplified, digital identity verification process, decreased fees, real-time FX rates, and a secure onboarding process for accessing more payment capabilities in India. According to Leatherback’s officials, the collaboration with YES BANK supports the connection between global participants to emerging opportunities in India. Also, the partnership assits Leatherback’s commitment to simplifying money transfers around the world and enabling additional opportunities in the market with improved payment solutions.

Since the start of its operations, Leatherback provided financial, payment, and commerce solutions that focus on eliminating barriers to global growth and mobility, with the company aiming to leverage these services to deliver more opportunities in the Indian market. With its operations based in the UK, Leatherback is regulated in its home country, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, allowing the platform to serve customers across a wide range of markets. Currently, more than 30,000 customers utilise the platform to support business and lifestyle opportunities daily. The company is FCA-authorised, PCI DSS compliant, and ISO certified.

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