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JP Morgan-CIIE to set up Financial Inclusion Lab

ANI  |  Mumbai (Maharashtra) [India] 

J.P Morgan, a global and financial services provider, along with the of Management (IIM) Ahmedabad's Centre for Innovation, (CIIE) on Tuesday announced a collaboration to set up a Financial Inclusion Lab.

The initiative, estimated to cost around USD 9.5 million, aims at identifying and bringing to scale early-stage FinTech that focus on helping people in within the lower and middle income (LMI) segment. The would enable access and usage of services such as savings, credit, and insurance to lower and middle-income households.

The Financial Inclusion Lab is part of the IIMA-CIIE's Bharat Inclusion Initiative (BII), launched in May. The initiative aims to incubate and support focused on developing technologies that could be used for the benefit of communities that lacked appropriate livelihoods, financial, health, and education facilities

Apart from J.P. Morgan, Michael and Susan Foundation and Bill and are also supporting the Lab as part of their commitment to BII.

The Lab would draw insights and learnings from the work performed by the J.P. Morgan Chase-funded Financial Solution Lab, an initiative managed by the For the past four years, the initiative has supported the development and scaling of FinTech solutions and has also improved the financial health of underserved communities in the USA.

"India's vision of creating to financial services will be incomplete unless we bring these offerings to the lower and middle-income segments that are in urgent need of these and services. Our initiative aims to identify and nurture FinTech start-ups to generate innovative ideas which will help make and services more accessible to this critical mass of Indians," said Chief Executive Officer, South and South East Asia, J.P. Morgan Kalpana Morparia

The initiative would also obtain insights from MicroSave, an international financial inclusion consulting firm, and CIIE.

A recent research conducted by the CIIE and revealed that LMI households have erratic financial inflows and many in the LMI segment struggle to adopt digital platforms for their financial needs.

Associate of MicroSave, said, "Over 80 per cent of the addressable LMI market, or 470 million people, are not integrated into the economic mainstream. Early stage FinTechs, when provided with the right mentoring, insights and capital support, can have a huge and positive impact on the lives of many people."

To identify solutions for specific financial challenges the lab would host a series of accelerator programs. Start-up capital, market access, technical assistance, mentoring, and sector expertise support would be given to the leading ideas.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 07 2018. 20:50 IST