India’s first FinTech Centre of Excellence in city
The buzz around fintech has gained momentum, with the city set to have its first FinTech Centre of Excellence (CoE) housed in the Software Technology Park of India (STPI). A 100-seat plug-and-play infrastructure will be available when it gets launched setting the stage for a leap in digital adoption.
By : migrator
Update: 2018-03-30 19:03 GMT
Chennai
The announcement comes at a time when the financial sector has already embarked on its digital journey and the country is moving towards a digital cashless economy.
The British Deputy High Commission in association with TiE Chennai held a Commonwealth Business event on Cross-Border Investment and scaling up of FinTech companies globally, where this announcement was made.
The Guest of Honour at the event was Dr Mohan Kaul, Executive Chairman, Commonwealth Investment Corporation, UK.
Other Speakers included Premkumar Bharthasarathy, Founding Partner AU Capital Partners, UK, Dr Sanjay Tyagi, Director, Software Technology Park of India, Chennai, Mahesh Ramachandran Chairperson, TiE Chennai FinTech Special Interest Group and Raghav Handa, Senior VP, HSBC.
Bharat Joshi, British Deputy High Commissioner delivered the opening remarks. With high bandwidth load balanced connectivity, the cloud infrastructure support such as AWS, GCP and Azure will be provided by Amazon, Google, Microsoft, among others.
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 Chennai CoE would facilitate the setting up of Fintech Special interest groups and membership programmes that would enable the stakeholders to avail
assistance on building business models that are sustainable.
As part of the process and governance framework, hackathons and pitchfests too would be held with the participation of research institutions such as the IIT Madras.
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.
The Indus Entrepreneurs (TiE) and IIT-M will collaborate in this initiative. This will also help the Centre’s attempt to push digitalisation in a big way.
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.
INVESTMENTS
- 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 FinTech CoE
- CoE has already secured interest from investors
- A total of Rs 20 crore 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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