Mumbai, 4th December 2018: The Government of Maharashtra has announced the first cohort of its Fintech Accelerator Program in Mumbai. This initiative is in continuation with the state’s intent to establish Mumbai as global fintech hub.
Earlier this year, the Government of Maharashtra was the first state to announce a dedicated
In June 2018, the state government made great strides in its bid to establish Mumbai as a world-class fintech hub by introducing a slew of initiatives. The government unveiled a ‘regulatory sandbox’ to aid startups, welcoming startups to
The accelerator program which was kick-starts today, will include various use-cases in Financial inclusion, public payment infrastructure, and gov-tech. The policy accounts for providing various Fiscal and Non-Fiscal Incentives to start-ups, committing to support and foster next-generation innovations that will enable financial empowerment, as well as technological advancement across the entire financial services ecosystem to nurture globally competent Fintech firms. The accelerator program which was announced in September received about 200 applications which was narrowed down to 30 start-ups, of which 13 startups were shortlisted for the accelerator.
This multi-partner accelerator program inaugurated by the Honorable Chief Minister, Shri Devendra Fadnavis,
The objective of this three-month program is to promote an environment for innovation, rapid skill development, an incremental boost in infrastructure setup, quick resolution of industry issues through collaboration and stakeholder engagement.
To perpetuate this platform, the first cohort of the accelerator program will have a group of selected finalists working for 12 weeks to refine their business model in consultation with experiences mentors from various stakeholders, and pitch to investors on Demo Day. The shortlisted startups are Bon Fleet, OneWallet, HuePay,
In addition, 10 start-ups were awarded a state grant of INR 10 lakhs. The start-ups included Eduvanz, Swipez,
Suniti Nanda, Fintech Officer, Government of Maharashtrasaid, “Mumbai has been a Financial capital all along. We are aiming to make it a Global Fintech capital soon. The Government of Maharashtra will strive to nurture exceptional FinTech ﬁrms that enable ﬁnancial empowerment and technological advancement. The Fintech policy has been operationalised to activate the startup ecosystem. The Government of Maharashtra is committed to directly work withthese thirteen
Shri. S.V.R Srinivas, Principal Secretary, Directorate of Information Technology, Government of Maharashtra, said, “There is a huge opportunity of collaboration between Fintech startups, financial institutions, VC/PE firms, academic institutions, influencers and Government. It is now opportune to unleash the big potential for Mumbai.”
The intensive program will start in the first week of December 2018. All the shortlisted companies will work on different use-cases in the finance sector and derive at solutions to eliminate the same. The convergence of financial services, rapidly evolving technologies and access to various types of customerswill be the key to building a robust digital economy, and as a result, Fintech will have an increasingly vital role to play. The government has set-up an API Sandbox which is a secure test environment where Fintech start-ups and Banking institutions will co-exist for joint innovation via open APIs.