: Cashing in on the growth of the financial technology software industry, Software Technology Parks of India set up by the Ministry of Electronics and Information Technology inaugurated a Centre of Excellence 'FinBlue' here on Tuesday.
The centre located at the existing office of the STPI here would provide resource in terms of mentoring, technology support and funding to startups in financial technology, STPI director-general Omkar Rai said.
The move was to augment the existing ecosystem focusing on accelerating nascent startups in the financial technology into full-fledged companies, he said.
"This is a collaborative effort between STPI, government of Tamil Nadu. This is to promote financial technology. This whole exercise is gaining ground," he told reporters here.
Polaris founder and the Intellect Design Arena managing director Arun Jain would be chief mentor for the startup under the Centre of Excellence.
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It is being set up with an investment of Rs 23 crore. That includes contribution from government of India, government of Tamil Nadu, investors, he said.
Rai said the domestic financial technology software industry was expected to touch USD 2.4 billion by 2020 from current USD 1.2 billion.
Noting that there were over 560 million people employed in over 2,000 financial technology firms in the country, he said it was offering a huge potential for the sector.
The objective of the FinTech Centre of Excellence was to provide resource in terms of mentoring, technology support and funding for FinTech startups.
The Centre of Excellence was also to reach financial technology volume of USD 73 billion in 2020, he said.
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