FINO PayTech, which has received an in-principle approval to launch a payments bank, has forged a strategic business and investment partnership with Bharat Petroleum Corporation. The partnership is expected to bring differentiated banking. This is for the first time an oil marketing company is associating with a financial services company as an investor and a strategic partner. The two entities will come together to develop a payments ecosystem for millions of BPCL customers and fleet operators, leveraging on each other’s synergies and capabilities. Announcing the partnership Rishi Gupta, CEO & MD, FINO PayTech said leveraging the existing synergies will strategically benefit and fuel growth for both FINO and BPCL. The extensive reach of BPCL distribution allows FINO Payments Bank to substantially improve its reach, especially in rural India. On the other hand, BPCL will be able to offer variety of payments bank products to its customers and partners, he added. FINO PayTech has presence across 28 states covering over 500 districts through 28500 transaction points.