State-owned India Post Payments Bank (IPPB) on Thursday announced the launch of Fincluvation, a joint initiative to collaborate with the financial technology (fintech) start-up community to co-create and innovate solutions for financial inclusion. Fincluvation mentors will work closely with the start-ups to tweak products to the customer needs and align the go-to-market strategies with operating models of IPPB and DoP.
Railways, Communications, and Electronics & IT Minister Ashwini Vaishnaw said the country has made rapid strides in the fintech space in global tech including world-leading innovations like UPI and 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. The combination of IPPB’s banking stack, DoP’s (Department of Posts) trustworthy doorstep service network and the techno-functional acumen of start-ups can deliver unmatched value to the citizens of the country,” Vaishnaw said.
Minister of State for Communications Devusinh Chauhan said Fincluvation, launched on the occasion of the 75th anniversary of Indian Independence and the ongoing Azadi ka Amrit Mahotasav, will be a permanent platform for IPPB to co-create inclusive financial solutions with participating start-ups, according to to a statement by the communications ministry.
“IPPB and DoP collectively serve close to 430 million customers through the neighborhood post office and at their doorsteps via more than four lakh trusted and capable post office employees and gramin dak sevaks, making it one of the largest and trusted postal networks in the world, Chauhan added.
Fincluvation invites start-ups to participate, ideate, develop and market intuitive and tailored products and services that can be taken to the customers. Start-ups are encouraged to develop solutions aligned with tracks such as creditisation; digitisation; and any market-led solutions that can help solve any other problem relevant to IPPB and/ or DoP in serving the target customers.
Creditisation means developing innovative and inclusive credit products aligned with the use cases of target customers and taking them to their doorsteps through the postal network. Digitization is for bringing convenience through the convergence of traditional services with digital payment technologies such as making the traditional money order service as interoperable banking service.
Vineet Pandey, secretary of the department of posts & chairperson, postal services board, said: “Our citizens have varied and complex needs that need careful thought, empathetic product design, and rapid prototyping among users. With Fincluvation, we want to crowd-in the best minds to develop technology-led financial solutions for India.”
Fincluvation will allow the start-ups to work with IPPB and DoP experts to develop solutions and conduct pilots using the postal network and IPPB’s technology stack. Successful pilots can then mature into long-term partnerships.
“Fincluvation mentors will work closely with the startups to tweak products to the customer needs and align the go-to-market strategies with operating models of IPPB and DoP,” the statement said.
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