Digital Empowerment: PhonePe and SIDBI Unite for Micro Enterprises
PhonePe partners with SIDBI to launch the Udyam Assist Platform (UAP), empowering micro enterprises with digital solutions. The initiative facilitates registration and access to government schemes and credit, advancing the formalisation of Informal Micro Enterprises (IMEs) across India.
- Country:
- India
In a strategic move to bolster micro enterprises, fintech giant PhonePe has inked a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI). This agreement, part of the Udyam Assist Platform (UAP), seeks to provide digital-first solutions to empower micro enterprises and merchants nationwide.
The collaboration is designed to formalize Informal Micro Enterprises (IMEs) by offering Udyam Assist registration digitally. This registration grants access to a myriad of benefits, including vital government schemes, credit facilities, and a comprehensive digital payments ecosystem, thus integrating them into India's burgeoning digital economy.
Union Minister for Micro, Small and Medium Enterprises, Jitan Ram Manjhi, was present at the MoU signing, highlighting the significance of this initiative. With over 2.75 crore Udyam Assist Certificates issued since the platform's launch in early 2023, PhonePe and SIDBI's partnership is a key driver in transitioning India towards an inclusive economic future.
(With inputs from agencies.)
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