Ministry of Electronics & Information Technology (MeitY) plans to set up a Centre of Excellence (CoE) for FinTech at Software Technology Parks of India STPI-Chennai, in association with the Electronics Corporation of Tamil Nadu.
The objective of the CoE is to enable start-ups to build technologies and solutions that will help financial institutions and start-ups find alternative mechanism for knowing their customers based on existing Know Your Customer (KYC) documents, according to a Tamil Nadu government Order.
An outlay of ₹23 crore has been earmarked for the CoE with STPI receiving a Letter of Intent from AU Capital Partners Ltd – UK, and Pontaq-UK for $1 million.
Arun Jain, Chairman and Managing Director of the city-based Intellect Design Arena, will be the Chief Mentor of the FinTech CoE, says the Tamil Nadu goverment order.
Source: The Hindu