India’s startup ecosystem has gained global recognition and respect, IT and Communications Minister Ashwini Vaishnaw said on Thursday, urging startups and entrepreneurs to come up with inclusive new-era solutions to transform people’s lives. poor and marginalized sections.
Calling startups “accelerators,” the minister said the combination of their multiplier power and the strength of a network of trusted post offices can yield 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”, said the minister at the launch of the “Finclusion” initiative.
India Post Payments Bank (IPPB), an entity under the Department of Posts (DoP), has launched Finclusion – a joint initiative to collaborate with the fintech startup community to co-create and innovate solutions for financial inclusion. In this context, startups are invited to participate, imagine, develop and market intuitive and tailor-made products and services that can be offered to customers.
Startups will be encouraged to develop solutions aligned with tracks such as crediting, digitization, and any market-driven solution that can help solve a problem relevant to IPPB or DoP by serving the target customers.
“Today, the Indian startup ecosystem is respected around the world. We are now among the top three startup ecosystems in the world,” the Minister observed.
Collaborating with startups across multiple industries has led to amazing results, he said.
“In every sector, where government has partnered with startups, the results have been phenomenal and amazing,” Vaishnaw said.
Inclusion, he noted, aims to create a powerful platform to mobilize the startup community towards the creation of meaningful financial products aimed at financial inclusion.
A combination of the IPPB’s banking stack, the DoP’s trustworthy door-to-door service network and the techno-functional acumen of startups can deliver unparalleled value to citizens of the country, he said. .
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