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Objective : To provide complete handholding & support to innovative startups & entrepreneurs working in FinTech. The services shall include access to all technical resources (including tools, technologies & technical mentorship) as well as marketing support and financial support.
Focus Areas : FinTech in Payment, Lending, Trading, Banking, Remittance, Insurance, Wealth advisory, Risk & Compliance and more.
Location : Chennai is an ideal location to setup "COE in FinTech" for various factors: it has legacy of home grown
infotech companies which provide financial services and the presence of back offices for bank transactions; it has a transaction volume which serves 900 million people across the world through back office operation; several large financial companies and insurance companies are headquartered here; and the city has a fully computerized stock exchange called the Madras Stock Exchange.
Partners : Partners include STPI, MeitY, State Government and others. Intellect Design Arena shall be the industry & knowledge partner, Yes Bank is proposed to be the "Partner Bank", Pontaq-UK shall be Funding Partner. Other Partners include National Payment Corporation of India (NPCI), Unique Identification Authority of India (UIDAI), IIT Madras, TiE Chennai, Torus, RBS, and PayPal.
Target Beneficiaries: The CoE in FinTech intends to support & nurture 58 startups over a period of five years who would develop products and/or services around FinTech.
Duration: The CoE is proposed to be operational for five years from the date of its launch.
Budget & Source of Funding: Total budgetary outlay is Rs. 24.45 crore (apprx). These will be met from contributions from MeitY (Rs. 1.8 crore), STPI (Rs. 3.61 crore), Govt of Tamil Nadu (Rs. 5.41 crore) and funding support from Pontaq-UK (Rs. 13.63 crore).
No. of Mentors: 8
Achievements: 23 startups onboarded
For more details go to below link:FinBlue CoE Website
Chairman & MD, Intellect Design Arena Ltd.
To provide complete handholding & support to innovative startups & entrepreneurs working in FinTech. The services shall include access to all technical resources (including tools, technologies & technical mentorship) as well as marketing support and financial support.