MONITREE designated at The Mumbai Fintech Accelerator Programme

Sumit Chanda, CEO and Founder, MONITREE, a Fintech Start-up specialising in Artificial Intelligence and Machine Learning based Equity Advisory Model called "JARVIS" was recognised by Chief Minister Devendra Fadnavis in launch of the first cohort of the Mumbai Fintech Accelerator Programme here today.

JARVIS is a one of a kind advisory model that creates a bespoke equity portfolio for the retail investor.

Receiving the recognition, Chanda said, "It is an honour to be receiving this recognition from the Hon'ble CM. It is our vision to take technology to the farthest corner of this beautiful country and change the perception of the retail investor when it comes to equity investments. The idea behind JARVIS is to create a paradigm shifting delivery model where the investment decision making process is completely devoid of human emotions and interference."

Having said that, JARVIS and its risk management system is a continuation of our ideology that the customer is king, and we are there at every step of the way to serve him.

On the Accelerator Program, Mr. Chanda added, "The initiation of the state FinTech policy is indeed a boost for FinTech start-ups in the state. As we have seen, the sector holds vast potential in the banking, financial services and industries sector and the state policy comes as a great aid to Start-ups to scale up and come up with innovations that are beneficial to the industry in general."

The FinTech Accelerator Programme is an industry catalysed programme that has duration of three months. The programme focuses on innovation that enables financial empowerment and technological advancement across the entire financial services ecosystem to nurture globally competent Fintech firms. The programme is being organised in association with The Govt. of Maharashtra, The Fintech Yatra and a consortium of private players in the BSFI sector.

The programme aims at providing a platform for FinTech firms and helps firms seek guidance from regulatory and BFSI experts. Furthermore, the programme provides participants access to benefits as per the FinTech state policy and a business integration opportunity with the partner institutions.

Maharashtra is the first state to announce the first ever FinTech State Policy with the aim to make the state Maharashtra one of the top five FinTech centers in the world in the next 5 years. Under the policy, the state government will support 300 Fintech Startups in the coming 3 years by providing funding and other incentives which includes a Rs. 200 crore Fund as well as more than 10,000 sq.ft co-working space in the heart of Mumbai.