The USD 9.5 million initiative aims to help fintech startups focused on helping people in India within the lower and middle income (LMI) segment who earn USD 2-USD 10 a day.
The initiative aims to identify and nurture fintech start-ups to generate innovative ideas which will help make financial products and services more accessible to this critical mass of Indians.
The lab is part of IIMA-CIIE’s Bharat Inclusion Initiative (BII), a programme launched in May to support start-ups developing technologies for the benefit of underserved communities in the areas of livelihoods, financial inclusion, health and education.
JP Morgan will provide up to UD 7 million over the next four years towards this initiative. The lab will draw insights from the JP Morgan-funded Financial Solutions Lab, a five-year programme launched in the US in 2014, which has since supported the development of fintech solutions for underserved communities in the US.
The initiative will also glean insights from financial inclusion consulting firm MicroSave and CIIE on where and how fintechs can help the LMI segment.
In the past, JP Morgan partnered two banks to launch the Interbank Information Network (IIN) – using blockchain for the payments process.
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