FinBlue, a Centre of Excellence in FinTech, was officially launched at Software Technology Parks of India (STPI), Chennai on Tuesday , with the objective of providing mentoring, technology support and funding for FinTech start-ups. The first step in this direction was STPI, in association with Electronics Corporation of Tamil Nadu, announcing the launch of start-up Pitch Fest to identify eligible and innovative start-ups for the FinBlue programme.
FinBlue is a collaborative model, and a milestone in the State’s thriving start-up ecosystem, said Omkar Rai, Director-General, STPI, and Chairman of the Governing Council of FinBlue, at a function. The Centre will straighten the accessibility and support to FinTech start-ups, and make the State a benchmark in entrepreneurial initiatives, he said.
Tamil Nadu IT Secretary Santosh Babu said it has been set up with funding from the Centre and the State government, and with support from Pontaq, a UK-based venture capital firm, which has committed a seed-funding of $2 million.
An MoU was also signed between STPI and the Tamil Nadu government for allotment of three acres of land at the Government College of Technology, Coimbatore, for setting up STPI-IT Incubation Centre. The MoU was signed by Rai on behalf of STPI and Mangat Ram Sharma, State Higher Education Secretary, on behalf of the State government.