All About India’s First Fintech Centre of Excellence: Software Technology Parks of India (STPI) has set up a Fintechcentre of Excellence in Chennai, with an objective to provide resources in terms of mentoring, technology support and funding for Fintech startups. The Fintech startups is called FinBlue, the centre intends to incubate over 58 startups in the next five years.
All About India’s First Fintech Centre of Excellence:
- A total investment of Rs 24 crore has gone into the centre of excellence – with money pooled in Tamilnadu government, STPI, Government of India and UK-based Fintech.
- Startups as part of the programme will operate out of Finblue facility of STPI in Taramani and must pay Rs 10,000 per seat per month for availing facilities.
- With Finblue being the first, the STPI is looking to setup 28 centres of excellence at various states in IOT , medical tech, AR VR and others. The centre would offer an integrated programme to startups and provide access to funding, IP facilitation and regulatory support.
- This initiative will entail access to sandbox environment wherein the National Payments Corporation of India, partner banks and insurance firms besides UDAI or Aadhaar will provide the support system to help in the creation of a robust infrastructure in a secured environment.
- The startups will have access to cloud service providers like Amazon Web services and tools provided by IIT- Madras.
- Companies such as Paypal, Intellect Design, Torus innovation, Yes Bank and RBS are stakeholders and will provide technology support and help handhold the participant companies.
- Necessary training and support will be provided in appropriate software, programming languages and design tools apart from ensuring that the architecture design for security, scalability, usability and reliability are available.
- It had committed to establish seven new CoEs that included one for fintech in Chennai, for augmented reality in Bhubaneshwar and for IoT in agriculture at Guwahati. The government’s mission is to incubate and accelerate start-ups in fintech that will encompass technology interfacing for insurance and regulatory process.
- Support from global and local venture capital and private equity
- VCs and PEs will invest directly into the start-ups
- This could be an average of Rs 40,00,000 per startup
- Investors will be part of the governing council of FinTechCoE
- CoE has already secured interest from investors
- A total of Rs 24crore will be earmarked towards investment into start-ups
- Centre and state government of TN will be providing the investment required for setting up eco-system and infrastructure
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