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FinTech Centre of Excellence to go on stream in Chennai soon

IANS  |  Chennai 

The (CoE) for FinTech (financial technology) will be inaugurated soon at the (STPI) here, said a top on Friday.

"The CoE-FinTech will be inaugurated soon, before the end of this fiscal. There will be a seating capacity of 201. To start with, there will be eight FinTech The CoE will be on 20,000 sq.ft," Sanjay Tyagi, Director, STPI-Chennai, told IANS here.

According to him, the FinTech CoE involves an outlay of Rs 24 crore.

The number of will gradually go up to 58 units in five years' time, he added.

The (MeitY) had announced to set up a CoE for FinTech at STPI-Chennai, in association with the Electronics Corporation of (ELCOT), government of

Arun Jain, of Design Arena Ltd, has been entrusted with the responsibility of the Chief Mentor of the FinTech CoE.

Design Arena is a company offering core and other for banks and others.

The objective of the CoE is to help have access to facility, technology, mentorship and support to help them kickstart their business in the area of FinTech.

According to Tyagi, Design Arena will offer its core solution and other financial to CoE free of cost on which the start-ups can test their products.

"We will be taking about five per cent equity stake in the start-ups and would exit couple of years later," Tyagi added.

He said the CoE-FinTech would identify start-ups having potential to create disruptive products, provide business and organisational support in the start-up phase and based on defined set of criteria to enter agreement.

"Globally, Intellect have set a benchmark for FinTech products and services from The creation of the FinTech start-up ecosystem as a comes at the right time. We are excited to support the start-up community and the potential it can create," Jain, Chief Mentor and CMD, Intellect Design Arena, said.



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

First Published: Fri, January 11 2019. 16:38 IST