Tamilnad Mercantile Bank Limited has informed the Exchange regarding a press release dated September 30, 2025, titled "Tamilnad Mercantile Bank Join Hands with Wegofin for Payment Aggregator Business".
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Tamilnad Mercantile Bank (TMB) has entered a strategic partnership with Wegofin Digital Solutions, a fintech firm, to launch Banking-as-a-Payment Aggregator (BAPA) services. Under the deal, Wegofin will act as a Technology Service Provider (TSP), enabling TMB to offer UPI merchant acquiring, automated bulk payouts, fraud risk management, and compliance tools through Wegofin's AcquireX and DisburseX platforms. Wegofin's AI-powered risk engine claims 83.21% fraud detection accuracy. The partnership is expected to boost CASA growth and create new non-interest income streams for the bank, which operates 594 branches across 17 states and 4 union territories serving over 5.3 million customers.
Positive for shareholders — the partnership diversifies revenue through fee-based income and strengthens TMB's digital capabilities, supporting long-term growth in a competitive banking landscape. Near-term stock impact is likely modest as this is a service partnership, not a capital-intensive deal.