New Delhi:
India’s startup ecosystem has gained global recognition and respect, IT and Communications Minister Ashwini Vaishnaw said today, asking start-ups and entrepreneurs to come up with inclusive new age solutions to transform the lives of poor and marginalized groups.
Calling start-ups “accelerators”, the minister said the combination of their multiplier power and the power of a trusted post office network can deliver phenomenal results for financial inclusion goals.
“Understand the gravity of the convergence of humanity and technology… keep the bottom of the pyramid in mind for all programs… The goal is to reach the last person in society,” the minister said, speaking at the launch of the ‘Fincluvation’ initiative.
India Post Payments Bank (IPPB), an entity under the Department of Posts (DoP), has launched Fincluvation. It is a joint initiative to work with the fintech start-up community to co-create and innovate solutions for financial inclusion.
On this basis, start-ups are invited to participate, come up with ideas, develop and market intuitive and tailor-made products and services that can be brought to the customers.
Start-ups will be encouraged to develop solutions aligned to tracks such as lending, digitization and any market-led solution that can help solve a problem relevant to IPPB or DoP in serving target customers.
“Today, the Indian startup ecosystem is respected all over the world. Today we are among the top three startup ecosystems in the world,” said the minister.
Collaborating with start-ups in multiple sectors has produced astonishing results, he said.
“In any industry where the government is partnering with start-ups, the results have been phenomenal and astounding,” Vaishnaw said.
Fincluvation, he noted, is focused on creating a powerful platform to mobilize the startup community to build meaningful financial products focused on financial inclusion. A combination of IPPB’s banking stack, DoP’s reliable doorstep service network and the technical-functional acumen of startups can deliver unparalleled value to the country’s citizens, he said.