Tamilnad Mercantile Bank (TMB) has announced a strategic partnership with Wegofin Digital Solutions Pvt. Ltd. to launch Banking-as-a-Payment Aggregator (BAPA) services, targeting MSMEs, startups, and enterprises. This collaboration marks a significant milestone in TMB's digital transformation journey, introducing innovative financial solutions to empower businesses across India.

Key Highlights of the Partnership

• AcquireX & DisburseX Platforms: TMB will leverage Wegofin's RBI-compliant SaaS platforms for merchant onboarding, automated bulk disbursements, and streamlined UPI transactions with real-time settlement and reconciliation.

• AI-Powered Risk Engine: The partnership features an AI-powered risk engine with an industry-leading fraud detection accuracy rate of 83.21% and sub-minute flagging capabilities, enhancing TMB's security, compliance, and operational resilience.

• Enhanced Financial Services: Through this collaboration, TMB aims to strengthen its role as a trusted banking partner while enabling seamless UPI merchant acquiring, automated payouts, and fraud risk management.

Strategic Benefits

The partnership is expected to drive CASA growth and create new non-interest income streams for TMB. By adopting the BAPA model, TMB is positioning itself to drive digital adoption, broaden financial access, and strengthen its role in supporting India's growing digital economy.

Leadership Perspectives

Mr. Salee S Nair, MD & CEO of Tamilnad Mercantile Bank, stated, "This partnership with Wegofin marks a pivotal step in TMB's journey of transformation in the digital space. By embracing the Banking-as-a-Payment Aggregator model, we are strengthening our ability to serve businesses of all sizes with innovative, secure, and scalable financial solutions."

Mr. Prabhu Kumar, Founder & CEO of Wegofin, added, "We are delighted to collaborate with TMB, a trusted name in the Indian banking system, to advance financial inclusion and digital adoption. This partnership is a leap forward in building smarter, compliance-focused financial ecosystems that empower enterprises."

About Tamilnad Mercantile Bank

Tamilnad Mercantile Bank Limited, with over 100 years of history, has a strong presence across India. The bank operates 594 branches spanning 17 states and 4 Union Territories, serving more than 5.30 million customers. TMB's collaboration with Wegofin underscores its commitment to combining traditional banking strengths with modern fintech innovations.

This strategic partnership between TMB and Wegofin is set to revolutionize digital banking and financial services for businesses, marking a significant step in the bank's digital transformation journey and its efforts to support India's evolving financial landscape.

Tamilnad Mercantile Bank Limited (TMB) has announced the opening of a new Non-Resident Indian (NRI) branch in Kochi, Kerala, marking a significant expansion of its services in the region. The branch, which commenced operations on September 23, is strategically located in the heart of Kochi's bustling Marine Drive area.

Branch Details

The new NRI branch is situated at:

• Address: D.No: 67/6169, 1st Floor, Elizabeth Alexander Memorial Building, Marine Drive, Kochi, Ernakulam District, Kerala – 682 031

This expansion aligns with TMB's strategy to strengthen its presence in key financial centers and cater to the growing needs of the NRI community.

Official Announcement

The bank officially notified the stock exchanges about this development on September 22, a day prior to the branch opening. Swapnil Yelgaonkar, Company Secretary & Compliance Officer of Tamilnad Mercantile Bank Limited, made the announcement in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Strategic Importance

The opening of an NRI-focused branch in Kochi is a strategic move for TMB, considering Kerala's significant NRI population and remittance inflows. This new branch is expected to enhance the bank's ability to serve the specialized banking needs of Non-Resident Indians, potentially boosting its NRI banking portfolio.

Market Impact

While the immediate market impact of this expansion remains to be seen, the move demonstrates TMB's commitment to growth and its focus on tapping into the lucrative NRI banking segment. Investors and market analysts may view this development as a positive step towards increasing the bank's footprint and diversifying its customer base.

As Tamilnad Mercantile Bank continues to expand its network, particularly in NRI-centric locations, it positions itself to capitalize on the growing demand for specialized banking services among the Indian diaspora. The success of this new branch could pave the way for further expansions in similar high-potential markets across India.