Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

India Government Inaugurates Fintech Initiative

Image credit: AshwiniVaishnaw; Twitte

The India Post Payments Bank (IPPB), an agency under the Department of Posts (DoP), has launched an initiative to create and innovate solutions for financial inclusion by collaborating with the country’s fintech start-up community. The initiative is called Fincluvation.

According to a press release by the Ministry of Communications, the country has made rapid strides in the financial technology space with hi-tech innovations like the Unified Interface Payment (UPI) and the biometric identification card, Aadhaar. An official said that Fincluvation is an “industry-first” initiative that will serve as a powerful platform to mobilise the start-up community to build meaningful products that will broaden the reach of digital finance. With a combination of IPPB’s technology stack, DoP’s doorstep service network, and the techno-functional acumen of start-ups, the products of the initiative can deliver unmatched value to the citizens of the country. Successful pilots from the initiative can then mature into long-term partnerships.

Fincluvation will be a permanent IPPB platform, facilitating solutions with participating start-ups. IPPB and DoP collectively serve close to 430 million customers through neighbourhood post offices and at their doorsteps via more than 400,000 employees, making it one of the largest and most trusted postal networks in the world, the press release wrote. The event is an open call for start-ups to participate, ideate, and develop market-intuitive and specific products and services. The release noted that start-ups are encouraged to develop solutions for creditisation or digitisation. Participants can work to bring convenience by integrating traditional services with digital payment technologies like making the traditional money order service an interoperable banking service.

The government is also inviting any market-led solutions that can help solve any other problem relevant to IPPB and/or DoP that will serve target customers. The intersection of technology with financial services, coupled with traditional distribution networks, is opening up a new set of business opportunities. Conventional models of technology procurement-led product creation by banks often lack value in user experience leaving a huge gap between customer expectations and service delivery, the release said.

Traditional technology firms fail to meet these expectations with a deficit of ownership in product creation. Indian citizens have varied and complex needs that need careful thought, empathetic product design, and rapid prototyping among users, it added. With Fincluvation, the government wants to crowd in the best minds to develop technology-led financial solutions for the country, the Department of Posts Secretary stated.

Data from a recent report showed that the global fintech market size was $110.57 billion in 2020 and is estimated to grow to $698.48 billion by 2030, growing at a CAGR of 20.3% from 2021 to 2030. Fintech increases the speed, transparency, and security of transactions, which is why governments and organisations around the world are looking to support, foster, and fund fintech solutions. For example, earlier this week, the Vietnamese government launched the student fintech start-up contest Finnovation 2022.

As OpenGov Asia reported, participants can introduce their ideas and business models to leading experts in the fintech field to receive companionship and legal support, as well as approach investors, seek capital for start-ups, and commercialise products and services. It aims to raise society’s awareness of innovation and intellectual property in the field of financial technology and digital transformation.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com