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Spotlight of the Week Detail

“Fincluvation” – an initiative to collaborate with Fintech Startup community, launched by India Post Payments Bank

“Fincluvation” – an initiative to collaborate with Fintech Startup community, launched by India Post Payments Bank

April 21, 2022

India Post Payments Bank (IPPB), owned by the Department of Posts (DoP), launched a joint initiative ‘Fincluvation’ on 21st April 2022 to collaborate with Fintech startup communities for creating solutions to create and innovate new ideas in the field of Financial Inclusion.

Recognizing the country’s progress in the Fintech space, Hon’ble Minister of Railways, Communications, Electronics, and IT, Shri Ashwini Vaishnaw acknowledged the country’s contribution to the FINTECH landscape for introducing world-class innovative tools such as Aadhaar and UPI.

Fincluvation is a step by the Indian Government to create a powerful platform to streamline the start-up community and encourage them to build meaningful financial products that complement financial inclusion. The combined effort of IPPB’s banking stack, the start-up’s techno-functional vision, and the Department of post’s doorstep service network can prove to be a game-changer in adding value to the lives of the citizens of the country.

According to Shri Devusinh Chauhan, Minister of State for Communications, "IPPB and DoP collectively serve close to 430 million customers through neighborhood post offices and at their doorsteps via more than 400,000 trusted and capable Post Office employees and Gramin Dak Sevaks, making it one of the world's largest and most trusted postal networks."

Under Fincluvation, Fintech startups will participate, ideate, develop and market new-age products and services for the customers. The conventional method of technology intersection was followed by various banks, but it used to lack in the user experience section. This led to a constant gap between the expectations of the customers and the actual service delivered.

Introducing technology to financial services backed by a strong distribution network might help in the expansion of new business opportunities in the country. Introducing Fincluvation might help start-ups, DoP, and IPPB in developing expert products that are based on customer needs and strategies of financial operation. Apply for Fincluvation here