New Delhi: IIT Madras Incubation Cell (IITMIC) and Software Technology Parks of India (STPI) have collaborated to create an ecosystem for identifying and supporting financial technology start-ups in India.
According to a press release, with this agreement, IIT Madras' incubation cell and STPI's FinBlue financial technology incubator will together incubate start-ups at various stages, creating financial technology solutions. The partnership is another important step forward in the IIT Madras research park's aim of 'Fintech for Inclusion.'
Incubatees will get a variety of value-added services, such as mentoring from industry experts, training, access to a vast network of banks and financial institutions and investors, business support services, and workspaces.
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Fintech innovation challenges and hackathons, as well as workshops, training, and other activities, will be held on an occasional basis. To facilitate market access, incubatees will also have access to end-to-end digital resource portals designed expressly to overcome the hurdles encountered by fintech businesses.
IITMIC has signed an MoU with @stpiindia and @stpinext to support & scale innovative #FinTech startups. The collaboration will seek to strengthen #financialinclusion, one of the key goals of @iitm_respark. #startupindia #MoU @GoI_MeitY @SecretaryMEITYhttps://t.co/jufxiC4ACv
— IIT Madras Incubation Cell (@IITMIC) April 12, 2022
Ashok Jhunjhunwala, a professor at the IIT-Madras research park said, "Majority of the population in the country still do not have access to traditional financial services. Fintech start-ups can intervene in boosting financial inclusion by leveraging the existing financial ecosystem and emerging technologies".
"STPI has very domain-specific centres for entrepreneurship, fintech is one of them which is focused on all kinds of financial technologies. We'd like to work together through FinBlue to find the brightest ideas in the fintech arena,” STPI director-general Arvind Kumar said.
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