• DST (Department of Science and Technology) powers the program, and T-Hub will source the most innovative fintech startups in the digital payment sector for NPCI
• NPCI (National Payments Corporation of India) sets up an Innovation Lab at T-Hub ; T-Hub will create multiple avenues for the fintech startups to market their solutions and scale with speed
Hyderabad, India, December 17, 2019 : T-Hub, which leads India’s pioneering innovation ecosystem that powers next-generation products and new business models, recently announced the launch of the Fintech Accelerator program as well as the NPCI’s txnnxt hub – an innovation lab at the premises of T-Hub. For this first edition of the program, T-Hub has partnered with DST (Department of Science and Technology) playing a pivotal role in the promotion of science and technology in the country and NPCI (National Payments Corporation of India) being the umbrella organisation for retail payments system in India.
The Fintech Accelerator program, presented by DST as per its NIDHI (National Initiative for Developing and Harnessing Innovations) acceleration scheme, will be executed by T-Hub and NPCI to bring in scale-up opportunities for fintech startups with products and services for the digital payments sector.
The call for applications for the Fintech Accelerator program already started on 26th November 2019 and will close on 5th Jan 2020. Interested startups, which are emerging in digital payments and allied sectors, can learn about the program offerings and apply at : https://t-hub.co/fintech-innovation-accelerator/
T-Hub will help NPCI source the most innovative solutions that could help bring efficiencies to national-level payments platform. To promote innovation amongst the Indian fintech ecosystem, NPCI has launched revolutionary national-level payments platforms such as UPI, IMPS, and RuPay. Furthermore, NPCI has inaugurated its txnnxt hub at T-Hub to enable startups access the latest technological advancements in the digital payments. Experts from NPCI will organize seminars, workshops, mentoring sessions, and community events with a focus on training startups on product development in the fintech domain.
Ravi Narayan, CEO, T-Hub, said, India has solidified its position as the world’s second-largest fintech hub, and startups have played a crucial role in changing the face of financial services of the country. The fintech space is expanding rapidly, and the digital payments segment in India is expected to reach $135.2 billion in 2023 from $64.8 billion this year. To fuel this growth, we will need more disruptive solutions for the sector and promote these innovations to corporates and banks. T-Hub is collaborating with NPCI in multiple ways to nurture fintech startups in the ecosystem through this Fintech Accelerator Program. The Fintech Accelerator program is designed to enhance faster product development and scale-up of fintech startups that would be shortlisted to be part of the cohort.
The cohort startups will get the following benefits:
• Collaborate with NPCI, India’s leading organisation for retail payments.
• Have access to NPCI retail payments APIs for product development.
• Opportunity to pitch and work with the top-level management of NPCI.
• Access to T-Hub’s network of mentors, industry experts, investors, service providers, community/ecosystem
Vishal Anand Kanvaty, Chief of Innovation at NPCI said, We are glad to be associated with T-Hub and DST for the Fintech Accelerator program. This is NPCI’s yet another initiative towards providing the right platform to the innovative tech minds who are ready to disrupt the fintech space. Also, it gives me immense pleasure to launch our TxnNxt Hub in Hyderabad which will facilitate FinTech Startups to connect with NPCI’s ecosystem. We at NPCI are always committed towards inspiring fintech startups and recognizing their potential of delivering some great innovations in the future.
