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India’s relationship with the cryptocurrency market has been a rollercoaster with bans being lifted and banks acting aloof when it comes to cryptocurrency transaction complaints. Despite the pushback, the digital asset industry has grown to such an extent in the country that even mainstream financial bigwigs were entering the field. IDBI Intech Limited was the latest entrant into the fintech space with plans to expand into Europe, Japan, and other major South Asian markets.

IDBI Intech is owned by IDBI Bank which provides banking services to millions of citizens across the country. The Bank also has plans to divest 49 percent of its total stake in the Infotech firms to take it to new developmental heights. At present, the bank’s Capital arm is tasked with the responsibility of finding a strategic investor.

The bank has also roped in UK-based Lemon Advisors to expands its products and services to international customers. IDBI offers products in the Financial Crime and Payments sector, an area that requires the highest standards of security checks. Surajit Roy, the MD, and CEO of IDBI Intech stated:

“This association will help IDBI Intech access global markets by leveraging the significant reach that Lemon Advisors brings on board, across the geographies in Southeast Asia, Japan, Australia, the UK and the EU.IDBI Intech posted an income of Rs 115.08 crore with net profit of Rs 12.07 crore in 202021, up from Rs 99.09 crore with net profit Rs 9.07 crore in 2019-20. It plans to total reach revenues of Rs 180-190 crore in two-three years.”

According to the bank’s chief executive, the organization plans to amass a profitable global portfolio by the end of 2023. This projections comes at a time when analysts have called for sunnier financial forecasts. It is estimated that by 2024, the total global spends by institutions on regulatory compliances will hit the $6 billion mark.

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