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SIDBI launches incubation centre for financial inclusion at IIML

Oct 27, 2017

Small Industries Development Bank of India (SIDBI) on Friday launched a technology business incubator at the Indian Institute of Management, Lucknow for nurturing high impact technologies for achieving, expanding and furthering the financial inclusion. Named as SIDBI Centre for Innovations in Financial Inclusion (Sci-Fi), the centre aims at fostering innovation, research and entrepreneurial activities in financial technology (FinTech).

The Sci-Fi seeks to explore and understand FinTech and financial inclusion by turning ideas into reality through the incubation process. IIML will provide required managerial and technological resources and support to make the incubation process successful. The center will develop research artifacts, promote research collaboration, and serve as a resource center to unlock entrepreneurial potential, and will follow three objectives — capacity building to and spearheading research on FinTech and financial inclusion, promoting discussion on Fintech and financial inclusions among stakeholders, and mentoring FinTech start-ups that will create products and services for financial inclusion.

The incubator at IIML, said SIDBI chairman and managing director Mohammad Mustafa has endeavored to bring together three great national development missions of Start Up India, Universal Financial Inclusion and Digital India under one roof. The centre, fully funded by SIDBI, will be guided by a governing board consisting of eminent representatives from financial inclusion, FinTech and venture capital domains, and headed by IIML director Ajit Prasad.

Prasad during his address recounted how the UP chief minister lauded IIML as a jewel in the crown of UP but at the same time also sought IIML’s contributions to the state of UP. “I was short of words then. I am glad now that SIDBI Centre will generate hundreds of jobs,’’ Prasad told the audience.