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Tata Digital sets up digital financial entity to function as a financial marketplace

BNE ADMIN


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Tata Digital has set up a digital financial entity, Tata Fintech, which is expected to function as a financial marketplace offering multiple financial products and a new retail payments gateway to its consumers under a single roof, people aware of the development said.

Incorporated in November 2021, Tata Fintech seems to be parallelly building a financial services portfolio and hiring senior talent from digital and financial backgrounds.

Its board of directors includes Myntra and Cure Fit cofounder and Tata Digital President Mukesh Bansal, former investment banker Ankur Verma, and Modan Saha, CEO-financial services at Tata Digital. Group companies Tata Capital, which has its own digital arm, and Tata Consultancy Services are helping the new entity with products and technology, the sources said.

"Tata Fintech does not yet have an NBFC licence," one of them said. "So the entity will focus on payments and other products. But there is reasonably good coordination between the two entities."

BNE ADMIN