Minister for IT and Communications Ashwini Vaishnaw stated on Thursday that the Indian startup ecosystem has garnered global recognition and respect, and she urged startups and entrepreneurs to develop inclusive new-age solutions to improve the lives of the poor and marginalised.
The minister referred to startups as “accelerators,” saying that the combination of their multiplier effect and the strength of a trustworthy post office network may produce remarkable outcomes in terms of financial inclusion goals.
“Understand the gravity of the convergence of humanity and technology…keep the bottom of the pyramid in mind for all programmes…The goal is to reach the last person in the society,” the minister said speaking at the launch of the ‘Fincluvation’ initiative.
Fincluvation is a collaborative initiative between India Post Payments Bank (IPPB) and the Department of Posts (DoP) to cooperate with the fintech startup ecosystem to co-create and innovate solutions for financial inclusion. Startups are welcome to participate, develop, and market intuitive and personalised goods and services that can be taken to clients through this programme.
Startups will be encouraged to provide solutions aligned with tracks such as creditisation, digitalization, and any other market-led solution that will assist IPPB or DoP in serving the target clients.
He claims that collaborating with entrepreneurs from various industries has yielded incredible outcomes.
“In each sector, where the government has partnered with the startups, the results have been phenomenal and amazing,” Vaishnaw said.
Fincluvation, he explained, aims to establish a powerful platform that will mobilise the startup community to build significant financial products that will help people get into the financial system.
According to him, a combination of IPPB’s banking stack, DoP’s dependable doorstep service network, and startups’ techno-functional expertise may provide unrivalled value to the country’s residents.