You are here: Home » Current Affairs » News » National
Business Standard

SIDBI, IIM Lucknow launch fintech incubator called SCI-FI

SCI-FI will mentor fintech start-ups to create products and services for financial inclusion

Virendra Singh Rawat  |  Lucknow 


Small Industries Development Bank of India (SIDBI) is looking at setting up business, financial and technology incubation centres as a leg up to Start Up India, Digital India, and Universal themes of the Narendra Modi government. In this series, has now launched a financial technology incubator at Indian Institute of Management, Lucknow (IIM-L), for nurturing high-impact technologies towards the agenda. The incubator is named Centre for Innovations in (SCI-FI). The Centre would handhold financial technology ideas into reality. would provide the required managerial and technological resources and support towards the incubation process. would develop research artifacts, promote research collaboration and serve as a resource hub to unlock entrepreneurial potential. CMD Mohammad Mustafa said the bank wanted to set up similar incubators at other institutions as well and was, in fact, talking to a few premier organisations to support such initiatives. He said the bank had pioneered the model, which has now got mainstreamed. "By leveraging technology, the twin objectives of expanding outreach and cost reduction could be realised by the participating institutions and entities." Deputy MD Manoj Mittal informed that would not only support at but at other peer institutions as well. "We want to develop it as a nodal point to support the business ideas financially and technically while connecting it with actual practitioners for imparting the practical approach.

We would be looking at to produce a unicorn in a few years," added Mittal. He said that enterprise and entrepreneurship promotion were at the core of SIDBI, which has been aligning its policies and actions with development priorities. has been proactively taking steps to boost and currently manages the Rs 10,000-crore Fund of Funds for Start Ups. Meanwhile, Director Ajit Prasad said the institute had a strong infrastructure and faculty base to contribute towards and giving shape to innovative business ideas. He further stressed on the topical need to study societal challenges by budding managers and making use of technology for suggesting effective and long-term solutions. will mentor fintech to create products and services for Prasad claimed was uniquely placed to cater to the extant need-gap for in eastern, north-eastern and central India since there was no such dedicated unit present in this region. is the second SIDBI-funded incubator in Uttar Pradesh after a similar facility at the Indian Institute of Technology, Kanpur (IIT-K). The Innovation and Incubation Centre (SIIC) at IIT-K is billed as one of India's leading technology start-up incubators. It was set up in 2001 and has so far supported over 65 start-up projects.

First Published: Sun, October 29 2017. 21:12 IST