T-Hub Launches Fintech Accelerator Program in Partnership with DST and NPCI
DST powers the program, and T-Hub will source the most innovative fintech startups in the digital payment sector for NPCI
NPCI sets up an Innovation Lab at T-Hub
T-Hub will create multiple avenues for the fintech startups to market their solutions and scale with speed
India, 26 November 2019: T-Hub, which leads India’s pioneering innovation ecosystem that powers next-generation products and new business models, today announced the launch of the Fintech Accelerator program as well as the NPCI’s txnnxt hub – an innovation lab at the premises of T-Hub. For this first edition of the program, T-Hub has partnered with DST (Department of Science and Technology) playing a pivotal role in the promotion of science and technology in the country and NPCI (National Payments Corporation of India) being the umbrella organisation for retail payments system in India. The Fintech Accelerator program, presented by DST as per its NIDHI (National Initiative for Developing and Harnessing Innovations) acceleration scheme, will be executed by T-Hub and NPCI to bring in scale-up opportunities for fintech startups with products and services for the digital payments sector.
The call for applications for the Fintech Accelerator program will start on 26th November 2019 and will close on 5th Jan 2020. Interested startups, which are emerging in digital payments and allied sectors, can learn about the program offerings and apply at https://t-hub.co/fintech-innovation-accelerator/
T-Hub will help NPCI source the most innovative solutions that could help bring efficiencies to national-level payments platform. To promote innovation amongst the Indian fintech ecosystem, NPCI has launched revolutionary national-level payments platforms such as UPI, IMPS, and RuPay. Furthermore, NPCI has inaugurated its txnnxt hub at T-Hub to enable startups access the latest technological advancements in the digital payments. Experts from NPCI will organize seminars, workshops, mentoring sessions, and community events with a focus on training startups on product development in the fintech domain.
Ravi Narayan, CEO, T-Hub, said, “India has solidified its position as the world’s second-largest fintech hub, and startups have played a crucial role in changing the face of financial services of the country. The fintech space is expanding rapidly, and the digital payments segment in India is expected to reach $135.2 billion in 2023 from $64.8 billion this year. To fuel this growth, we will need more disruptive solutions for the sector and promote these innovations to corporates and banks. T-Hub is collaborating with NPCI in multiple ways to nurture fintech startups in the ecosystem through this Fintech Accelerator Program”
The Fintech Accelerator program is designed to enhance faster product development and scale-up of fintech startups that would be shortlisted to be part of the cohort.
The cohort startups will get the following benefits:
Collaborate with NPCI, India’s leading organisation for retail payments.
Have access to NPCI retail payments APIs for product development.
Opportunity to pitch and work with the top-level management of NPCI.
Access to T-Hub’s network of mentors, industry experts, investors, service providers, community/ecosystem
Vishal Anand Kanvaty, Chief of Innovation at NPCI said, “We are glad to be associated with T-Hub and DST for the Fintech Accelerator program. This is NPCI’s yet another initiative towards providing the right platform to the innovative tech minds who are ready to disrupt the fintech space. Also, it gives me immense pleasure to launch our TxnNxt Hub in Hyderabad which will facilitate FinTech Startups to connect with NPCI’s ecosystem. We at NPCI are always committed towards inspiring fintech startups and recognizing their potential of delivering some great innovations in the future”.
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.
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization 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 a more secure and comprehensive services to consumers and merchants. NPCI is focused on bringing innovations in the retail payment systems through 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/
Media connect- Leah Jena