For the sake of fostering the fledgling Fintech ecosystem of the country, a CoE (Centre of Excellence) christened FinBlue is introduced in Chennai recently, with support from STPI (Software Technology Parks of India) and the government of Tamil Nadu. The goal of the MeitY-backed CoE is to guide, offer technical and financial support for Fintech start-ups. If reports to be believed, this is the foremost CoE out of all the 28 intended by STPI, across the country.
Paving the initial step, the Chennai CoE has introduced a Startup Pitch Fest for recognizing suitable and ground-breaking startups for ‘FinBlue’ programme.
FinBlue is going to be a first-of-its-kind incubation facility, aiming to further reinforce India as the head in Fintech industry by offering accessibility to mentorship, technology, and more. It will even aid startups to expand access to a vigorous Fintech ecosystem, which contains investors, financial institutions, bankers, mentors, and a stage supporting go-to-market policy.
The Director General, STPI & Chairman of Governing FinBlue Council’s, Omkar Rai, said: “This is a part of STPI’s nationwide initiative to transform India into a software product nation capitalizing on the strong IT services industry by providing an ecosystem in all the emerging technologies. This is being done in collaboration with stakeholders such as industry leaders, industry associations, academia, venture capitalist and government bodies.”
Fintech, being one of the rising technologies in financial and banking services field has been selected as one of the main domains for putting a CoE at STPI Chennai. For making sure that all CoEs access in the most proficient way, industry experts and leaders are being demanded to turn into chief advisers to Fintech startups, however, even head the executive body of the CoEs.
Rai said, “We acknowledge the support provided by TamilNadu government in supporting FinBlue in terms of providing 50% funding. It is because of the support of the govt., FinBlue CoE has become the first and fastest CoE among all 28 CoEs being implemented by STPI in India.”
Chennai is a place for 173 Fintech startups and organizations like FSS and Bank Bazaar have completed a sturdy impression in the market.
The principal IT secretary to Tamil Nadu Government, Santhosh Babu, said, “This is yet another significant initiative of the Tamil Nadu government to further strengthen the reputation of being a leader in tech space. This initiative has the support of credible partners, particularly TiE Chennai, which enjoys greater association with entrepreneurs across levels. Tamil Nadu government will surely make use of advanced technological development for sustained growth as well as promoting the industry across the state.”
The chairman and CEO, Founder of Polaris, Intellect Design Arena, and chief mentor of FinBluem, Arun Jain, said, “Globally, our products and services have been benchmarked for innovations and design. The creation of the fintech startup ecosystem as a CoE comes at the right time. We believe that it has the potential to create and disrupt the fintech segment by helping the startup community to grow further.”