State-owned India Post Payments Bank (IPPB) on Thursday announced the launch of Finclusion, a joint initiative to collaborate with the financial technology (fintech) start-up community to co-create and innovate inclusion solutions financial. Finclusion mentors will work closely with start-ups to tailor products to customer needs and align go-to-market strategies with IPPB and DoP operating models.
Minister of Railways, Communications, Electronics and IT, Ashwini Vaishnaw said the country has made rapid progress in the fintech space in global technology, including breakthrough innovations like UPI and Aadhaar.
“Inclusion is a step in this direction, an industry-first initiative to create a powerful platform to mobilize the start-up community towards the creation of meaningful financial products aimed at financial inclusion. banking of the IPPB, the trustworthy door-to-door service network of the DoP (Department of Posts) and the techno-functional acumen of start-ups can offer unparalleled value to the citizens of the country,” said Vaishnaw .
Minister of State for Communications Devusinh Chauhan said inclusion, launched on the occasion of the 75th anniversary of India’s independence and the ongoing Azadi ka Amrit Mahotasav, will be a permanent platform for the ‘IPPB to co-create inclusive financial solutions with participating start-ups, according to a statement from the Department of Communications.
“IPPB and DoP collectively serve nearly 430 million customers through the Neighborhood Post Office and at their doorsteps through more than four lakh reliable and knowledgeable post office workers and gramin dak sevaks, making it one of the networks largest and most reliable postal services in the world,” added Chauhan.
Finclusion invites start-ups to participate, imagine, develop and market intuitive and tailor-made products and services that can be offered to customers. Startups are encouraged to develop solutions aligned with tracks such as crediting; digitization; and any market driven solutions that can help solve any other issue relevant to IPPB and/or DoP in serving the target customers.
Crediting is about developing innovative and inclusive credit products aligned with the use cases of target customers and bringing them to their doorsteps through the postal network. Digitization aims to bring convenience through the convergence of traditional services with digital payment technologies, such as transforming the traditional money order service into an interoperable banking service.
Vineet Pandey, Secretary of the Department of Posts and Chairman of the Postal Services Board, said: “Our citizens have varied and complex needs that require careful thought, empathetic product design and rapid prototyping among users. With Finclusion, we want to bring together the best minds to develop technology-driven financial solutions for Bharat.
Inclusion will allow start-ups to work with IPPB and DoP experts to develop solutions and conduct pilots using IPPB’s postal network and technology stack. Successful pilot projects can then grow into long-term partnerships.
“Finclusion mentors will work closely with startups to tailor products to customer needs and align go-to-market strategies with IPPB and DoP operating models,” the statement read.
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