India Post Payments Bank (IPPB), a 100% government owned entity under Department of Posts (DoP) announced the launch of Fincluvation– a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion.
Speaking on the occasion of the launch, Shri Ashwini Vaishnaw, Minister of Railways, Communications and Electronics & IT, said, the country made rapid strides in FINTECH space in Global Tech world leading innovations like UPI, Aadhaar. “Fincluvation is a step in this direction, an Industry first initiative to create a powerful platform to mobilize the start-up community towards building meaningful financial products aimed at financial inclusion.
Combination of IPPB’s Banking stack, DoP’s trustworthy doorstep service network and the techno-functional acumen of start-ups can deliver unmatched value to the citizens of the country.”
“Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups. IPPB and DoP collectively serve close to 430 million customers through neighbourhood post office and at their doorsteps via more than 400,000 trusted and capable Post Office employees and Gramin Dak Sevaks - making it one of the largest and trusted postal networks in the world”, said Shri Devusinh Chauhan, Minister of State for Communications. Fincluvation invites startups to Participate, Ideate, Develop and Market intuitive and tailored products and services that can be taken to the customers. Startups are encouraged to develop solutions aligned with any of the following tracks-
The Department of Post (DoP) and India Post Payments Bank (IPPB) invite innovative startups to participate in the 75th Anniversary of Indian Independence, “Azadi ka Amrit Mahotsav” by developing and deploying solutions for Financial Inclusion. We serve more than 430 million customers between both organizations. Fincluvation™ is open for startups who wish to build technology-led solutions and aspire to work for the 500 million underserved Indians.
Through Fincluvation™, DoP and IPPB focus on bringing technological innovation in below tracks:
Instant Paperless Micro Credit using alternate data sources Integration of Digital Payments with money order services of India Post
If your product solves any problem (other than the ones mentioned above) that is relevant to us or the customers we cater to, we would like to know more about it.
If you seek to bring change at the grassroots level, have scalable technology solutions, an innovative mind, and a passion for problem-solving, this is your chance to revolutionize and create impact at an unprecedented scale.
We will give you the enabling environment to unlock your potential. Through the platform, you can start making a significant impact on the country’s retail payment systems and delivery channels.
