T-Hub, in Partnership with NPCI and DST, Selects 10 Startups for its Fintech Accelerator Program
- As many as 20 startups got the opportunity to showcase their innovative products and solutions to T-Hub, NPCI, DST and other leading industry and investor giants.
- T-Hub today announced the shortlisted startups in a virtual mode.
- 10 startups will receive further support from T-Hub and NPCI on scale-up opportunities and go-to-market strategies.
- Startups will get an opportunity to collaborate with NPCI in leveraging efficiencies to the national-level payments platform.
India, 22 May 2020 : T-Hub, which leads India’s pioneering innovation ecosystem that powers next-generation products and new business models, today announced that it has shortlisted 10 startups for its Fintech Accelerator program. The program was launched in November 2019 in partnership with NPCI (National Payments Corporation of India), the umbrella organisation for retail payments systems in India and DST (Department of Science and Technology). The Fintech Accelerator program is designed to enhance faster product development and scale-up of the Fintech startups shortlisted to be a part of the batch.
The 20 startups were selected from over 150 applications received from across India, after a rigorous evaluation process. Some of the shortlisted startups are Chitmonks, Syntizen, AShield Technologies, amongst others. Startups accepted into the program will receive training and guidance from T-Hub and NPCI via a rich curriculum of activities, specifically designed to support product development and growth in digital payments. Also, startups will have access to NPCI retail payments APIs for product development and T-Hub’s network of mentors, industry experts, investors, service providers and the community.
Startups will receive the following additional benefits during the acceleration program:
- Get access to NPCI API Sandbox portal to develop payment products
- Benefit from Go-to-Market support during the acceleration phase
- Get the opportunity to showcase the solution to industry experts and the ecosystem during the Fintech Accelerator Demo Day scheduled for July
- Get access to T-Hub’s premium service providers and leading mentors
Ravi Narayan, CEO, T-Hub, said, “India’s digital payment landscape has grown steadily over the years. Owing to the current pandemic, there has been a fundamental slowdown of transactions at all levels. But all that will fundamentally change. We consider this an opportunity not only to support these deserving startups but to ensure that all the stakeholders in the Fintech space see the innovations through the outcome of this program. The Fintech accelerator program in partnership with NPCI and DST will accelerate product development of the shortlisted Fintech startups and pave the way for large-scale adoption of digital modes of payments in the country.”
NPCI’s TXNNXT hub – an innovation lab within the premises of T-Hub was also launched alongside the Fintech accelerator program that would act as a collaborative innovation space for NPCI. The key objective for setting up the lab for NPCI is to aid startups and other ecosystem participants build next-gen payment and other Fintech products. The hub has spearheaded many of NPCI’s initiatives like product knowledge sessions for startups, informal interactions with NPCI’s key executives including its MD & CEO, and workshops on emerging technologies and regulations for the T-Hub ecosystem.
Vishal Anand Kanvaty, Chief of Innovation at NPCI said, “NPCI, through the process of TXN NXT, is in search of the next transaction – Technologies or Ideas which can solve, revolutionise and reduce the friction in payments. We would like to acknowledge the aspirations and the efforts of 150 applicants and the 10 selected start-ups who have made it to Fintech Accelerator program. Each one of them has a seed to transform the Fintech segment with unique innovations. We believe, it is going to be an inspiring experience in guiding them by providing a direction to their innovative solutions. We are glad that with this Fintech Accelerator program, in association with T-Hub and DST, revolutionary tech start-ups will get the much-needed platform to prove their worth and receive due recognition in the industry”.
The startups shortlisted are as follows:
Payment System in Logistics Domain
Organising grocery distribution with a tech-first approach in an asset-light model. The solution is in logistics and payments by forming a network of multi-tenant semi-automated micro-fulfilment centres across the country that combines the speed of local delivery with the efficiencies and scale of a large distribution centre.
Cybersecurity for Payments
Providing a comprehensive application layer security via its advanced AI-ML threat intelligence algorithms and first-of-its-kind quantum-resistant spatial cryptographic encryption.
Blockchain Network for Chit Funds
Promoting chit funds companies through an online marketplace (Blockchain network for chit funds). It helps users join a registered chit fund and manage it smartly.
Guiding low-income customers towards meeting their real life-goals by providing them with intuitive and tailored financial solutions.
Agri-finance on Blockchain
Enhancing the income of farmers and simultaneously reducing the risk for banks through a Blockchain-driven financial inclusion lending platform for farmers, which uses an innovative financial product called “Warehouse Receipt Loan.”
Blockchain for e-Invoicing
Maintaining authentic ledgers of transactions between parties through Param, a fast and efficient e-invoice-sharing platform built on blockchain and semantic web technology. Param aims to bring convenience around payments by maintaining authentic ledgers of transactions between parties.
Aadhaar Details – Compliance Solution
Providing an instant, paperless, electronic and authentic customer on-boarding solution for any industry with the help of UIDAI’s Aadhaar. Currently providing B2B Solutions to NBFCs, banks, HFCs, stockbrokers and other industries to comply with identity regulations.
Micro-Payment Solution – NCMC
Designing, deploying and operating low-cost offline and online payment technologies focused on the underserved space of high volume, low-value micropayments through CityCash.
Blockchain-based Working Capital Loan Enabler
Supporting global trade deals powered by cutting-edge cryptography to ensure both data privacy and auditability in real time through SimplyFI— a B2B-secured digital marketplace built on enterprise-grade Blockchain technology.
Mobile-first Fintech Application for NBFCs
Transforming any inefficient paper-based front-office workforce through digital banking technology that empowers an organisation with a mobility suite.
The accelerator program is going to take place in a virtual mode due to the current COVID-19 situation. For more information, visit https://t-hub.co/
T-Hub enables and empowers an ecosystem hungry for innovation. Based in Hyderabad, India, it leads India’s pioneering innovation ecosystem that powers next-generation products and new business models. It uses the Triple Helix model of innovation based on interaction and collaboration between the industry, academia and the government. Incorporated in 2015, it has provided over 1100 national and international startups with access to better technology, talent, mentors, customers, corporates, investors and government agencies. T-Hub also provides thought leadership for Telangana and other state and central government organisations to build innovation ecosystems. It has elevated innovation for leading national and global corporates, transforming enterprise business models for the better. Media connects: email@example.com
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products, such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat Bill Pay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants. NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society. For more information, visit: https://www.npci.org.in/