Fincluvation– a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion was launched on Thursday, April 21 by India Post Payments Bank (IPPB), a 100% government owned entity under the Department of Posts (DoP).
The initative is part of the 75th anniversary of Indian Independence and ongoing Azadi ka Amrit Mahotasav.
The first-of-its-kind industry initiative, Fincluvation would create a powerful platform to mobilize the start-up community towards building meaningful financial products aimed at financial inclusion.
Fincluvation
At the launch of the initiative, Union Communications Minister, Ashwini Vaishnaw, said that the country has made rapid strides in FINTECH space in Global Tech world leading innovations like UPI, Aadhaar. He further added that the 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.
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. Further, it is one of the largest and trusted postal networks in the world with over 400,000 post office employees and Gramin Dak Sevaks.
Benefits
Fincluvation will engage startups to participate, ideate, develop and market intuitive and tailored products and services for the customers. It also encourages startups to develop solutions relating to creditization, digitization & more.
Further, fincluvation can help in meeting the varied and complex needs of the consumers through thoughtful, empathetic product design, and rapid prototyping among users. With Fincluvation would also help develop technology-led financial solutions for India.
Fincluvation will also allow the start-ups to work with IPPB and DoP experts to develop solutions and conduct pilots using the postal network and IPPB’s technology stack.
India Post Payments Bank (IPPB)
India Post Payments Bank (IPPB) was launched on September 1, 2018 under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.
The fundamental mandate of IPPB is to remove barriers for the unbanked and under-banked and reach the last mile leveraging a network comprising 160,000 post offices (145,000 in rural areas) and 400,000 postal employees.
