Date: October 21, 2021

20 start-ups onboarded at STPI Chennai to add fizz to fintech biz

20 start-ups onboarded at STPI Chennai to add fizz to fintech biz

STPI FinBlue in Chennai (FinTech CoE) has selected the second cohort of 20 start-ups for on- boarding from the FinTech domain such as trading, banking and lending. It has signed an MoU with ASEAN Financial Innovation Network Ltd (AFIN) to explore cross border collaboration.

The pact will strengthen the collaboration for leveraging the latter’s expertise and knowledge to empower start-ups incubated at STPI FinBlue, Chennai to develop world class products. 

T Mano Thangaraj, Minister for IT, TN, expressed his confidence on the success and vision of STPI FinBlue start-up ecosystem to develop innovative FinTech products and services and bringing TN and India as the Global FinTech Hub. 

Arun Jain, CMD, Intellect Design Arena and Chief Mentor of FinBlue explained the Operationalisation of FinBlue undertaken based on Six Pillars such as understanding Buyers Needs, Product Ranking, Policies for the Product Business, Funding Ecosystem, Mentoring and International Networking. He exuded confidence “the fintech products developed by the finblue start-ups will reach out to 120 countries”. 

Sopnendu Mohanthy, Chief FinTech Officer, Monetary Authority of Singapore said the combination would make a real impact globally in the fintech sector. 

Omkar Rai, DG, STPI said the MoU would guide and motivate the onboarded fintech start-ups. Devesh Tyagi, Sr Director STPI, said the collaboration would also help in sharing the best practices across the border. 

Neeraj Mittal, Principal Secretary, Dept of IT, TN said STPI FinBlue will herald a new chapter for all the fintech start-ups, besides enabling people to access digital technology. Internet access will be made available in all gram panchayats via Bharat Net contract, he sought to point out. 

Sanjay Tyagi, Director, STPI-Chennai and CEO of FinBlue explained various initiatives taken over the past two years by the STPI-Meity, in association with ELCOT for onboarding the FinTech start-ups, setting up of sandbox and API Exchange, supporting start-ups through mentoring, funding, international networking and go to market strategy.

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