IDBI Intech Ltd, the technology services arm of Indian lender IDBI Bank, is looking to expand its operations into markets such as Europe, South East Asia, and Japan. The company, which provides tech and digital regulatory compliance services, is looking to acquire a few fintech companies to boost its revenue offerings even as financial institutions across the globe are looking to step up regulatory compliance spends at $5.6 billion by 2024.
Financial daily Business Standard reported quoting IDBI Bank’s MD and CEO Surajit Roy that IDBI Intech is already in talks to acquire a few fintech firms to boost revenue offerings.
The lender has already appointed IDBI Capital markets as an advisor to rope in a strategic investor to finalize a deal in the next 6-7 months. IDBI Intech has products offerings in Financial Crime, and Payments aims to build a profitable portfolio of its global revenue over the next 18-24 months from these regions (EU, South East Asia, etc.).