Devusinh Chauhan, Minister of State for Communications, said, “Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.”
New Delhi: The India Post Payments Bank (IPPB), a 100% government-owned entity under the Department of Posts (DoP), on Thursday announced the launch of Fincluvation — a joint initiative to collaborate with Fintech startup community to co-create and innovate solutions for financial inclusion.
Speaking on the occasion of the launch, Ashwini Vaishnaw, Minister of Railways, Communications and Electronics & IT, said, “The country made rapid strides in the fintech space in the global tech world leading innovations like UPI and Aadhaar. Fincluvation is a step in this direction, an industry first initiative to create a powerful platform to mobilise the start-up community towards building meaningful financial products aimed at financial inclusion. Combination of IPPB’s banking stack, DoP’s trustworthy doorstep service network and the techno-functional acumen of start-ups can deliver unmatched value to the citizens of the country.”
Devusinh Chauhan, Minister of State for Communications, said, “Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups. IPPB and DoP collectively serve close to 430 million customers through neighbourhood post office and at their doorsteps via more than 4,00,000 trusted and capable post office employees and gramin dak sevaks — making it one of the largest and trusted postal networks in the world.
A statement issued by the Ministry of Communication said, “Intersection of technology with financial services coupled with traditional distribution networks is opening up new set of business opportunities. Conventional model of technology procurement led product creation by banks often lacks value in user experience leaving huge gap between customer expectations and service delivery. Traditional technology firms fail to meet these expectations with a deficit of ownership in product creation.”
Vineet Pandey, Secretary, Department of Posts and Chairperson, Postal Services Board, said, “Our citizens have varied and complex needs that need careful thought, empathetic product design, and rapid prototyping among users. With Fincluvation, we want to crowd-in the best minds to develop technology-led financial solutions for Bharat.”