The Incubation Cell of the Indian Institute of Technology (IIT) Madras has signed a memorandum of understanding (MoU) with the Reserve Bank of India (RBI) Innovation Hub to create a supportive ecosystem for start-ups in the field of financial technology (fintech).
Associating with RBI Innovation Hub, IIT Madras Incubation Cell will offer support and innovative solutions to the start-ups to accelerate their growth.
RBI Innovation Hub will be responsible for selecting the start-ups that will be co-incubated. These fintech companies will get operational and strategic guidance, mentoring and training by leadership and domain experts of RBI Innovation Hub and IIT Madras Incubation Cell.
The MoU between the two entities will see collaborations on projects ranging from policy whitepapers to research papers.
Speaking about the importance of the MoU, Rajesh Bansal, chief executive officer (CEO) of RBI Innovation Hub, said, "RBI Innovation Hub aims to foster and evangelise innovation across the financial ecosystem. The start-up ecosystem in India makes a significant contribution to the economic prosperity of the nation.”
"Through such incubation partnership we intend to build a robust environment conducive to the growth of fintech start-ups in the nation," he added.
"India is a country where we continue to see a large economic disparity. We need to work towards financial inclusion in ensuring inclusive economic development for all," said Ashok Jhunjhunwala, president of the IIT Madras Research Park and IIT Madras Incubation Cell.
He said, "This collaboration with RBI Innovation Hub is a positive step forward in this direction. With advances in financial technology and digital transactions, we look forward to working along with more start-ups to make financial inclusion simpler to achieve.”