Press Trust of india

STPI, IIT-M incubation cell come together to support fintech start-ups across country

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Chennai: The incubation cell at the Indian Institute of Technology, Madras, Software Technology Parks of India (STPI), and AIC STPINEXT have come together to develop an eco system to identify and support financial technology start-ups in the country.

The AIC STPI NEXT manages the FinBlue Financial Technology Centre of Excellence in Chennai.

Through this collaboration FinBlue, STPI’s financial technology incubator and IIT-M incubation cell would jointly incubate start-ups at different stages, developing solutions in financial technology, a press release said.

Workshops, hackathons, training, and events would be conducted to draw entrepreneurial interest to further strengthen the fintech start-up eco system.

“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.

The collaboration marks another key development in IIT-M research park vision of “Fintech for Inclusion,” the release said.

“Majority of the population in the countr still do not have access to traditional financial services…Fintech start-ups can intervene in boosting financial inclusion by leveraging the existing financial eco system and emerging technologies…,” said professor at the IIT-Madras research park  Ashok Jhunjhunwala.

The start-ups would receive mentorship from industry experts, training, access to a large network of banking and financial institutions, among others.

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