Karnataka Establishes Centre of Excellence in FinTech at IIM Bangalore
The Karnataka government has launched its first Centre of Excellence in FinTech, to be opened in collaboration with IIM Bangalore that houses Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL). Announced last October 21, the CoE shall boost the growth of FinTech by using Karnataka's entrepreneurial ecosystem and innovation in financial technology in development.
The Department of Electronics, Information Technology, Biotechnology, and Science & Technology had envisioned the CoE to play a crucial supporting role to the FinTech startups by providing incubation, acceleration, and skill development support. NSRCEL, IIM Bangalore's not-for-profit business incubator, will lead this initiative and provide the following: a 12-month incubation program with mentorship, infrastructure, and networking for the startups.
The CoE will also be conducting two 6-month online courses to upskill professionals in blockchain, digital payments, and lending. Access to API and regulatory sandboxes will enable entrepreneurs to develop financial solutions that can engage the support of industry experts and regulators. Collaboration with BFSI, IT/ITES companies, and educational institutions will further lead to cross-sector innovation.
Priyank Kharge, Minister for Information Technology and Biotechnology of Karnataka said this Centre of Excellence would play a crucial role in positioning Karnataka as a FinTech leader. "This Centre of Excellence will foster innovation, entrepreneurship, and skill development, reinforcing Karnataka's status as a FinTech hub and supporting the state's broader digital economy goals", he added.
According to Kharge, the initiative will help develop a skilled workforce capable of meeting the demands of a growing digital economy, while creating innovative financial solutions for both the state and the country.
The state government has allocated Rs 13.24 crore towards the Centre of Excellence operations for five years, out of which Rs 8.19 crore will go to incubation and acceleration programs and skilling and training initiatives, worth Rs 5.04 crores.
The Centre of Excellence will further secure Karnataka's position as a FinTech destination, driving innovation and the state's digital economy forward.