IDBI Intech ropes in UK-based Lemon Advisors for overseas foray

IDBI Intech, the technology services arm of IDBI Bank, is expanding into business geographies like Europe, South East Asia and Japan to provide IT products and services in areas including regulatory compliance.

It has roped in technology advisory firm, Lemon Advisors UK Ltd, to extend their fintech products and services for the banking & financial services sector to new global markets.

This association will help IDBI Intech access global markets where it aims to leverage the significant reach that Lemon Advisors brings on board, across the geographies in Southeast Asia, Japan, Australia, the UK and the EU, the company said in statement.

The company aims to build a profitable portfolio of its global revenue over the next 18-24 months from these regions.

Surajit Roy, MD & CEO, IDBI Intech said, “It is estimated that the global spends by financial institutions on regulatory compliance are projected to grow at the rate of 21 per cent to over $5.6 billion by 2024. Nearly 75 per cent of this spending will be spent on financial crime prevention and detection."

"IDBI Intech, with its suite of disruptive products in the area of Financial Crime and Payments, leveraging AI and ML, has achieved significant recognition and success," said Subhash R Ghosh, founder and CEO of Lemon Advisors UK.