MFH is an initiative by the Government of Maharashtra to execute Maharashtra’s FinTech policy and promote the FinTech ecosystem in the state. The government of Maharashtra is the first state in India to create a FinTech policy (announced February 2018) to support the sector with a vision to make Mumbai a global FinTech hub. The key stakeholders in this journey include financial institutes, regulators, governments, technology partners, academic institutes, research labs, incubators/accelerators, industry bodies, and market influencers.
The policy addresses five key pillars for boosting the sector: access to capital, promoting open innovation, catalyzing ecosystem, global market access, and access to FinTech-ready talent pool.
In the last one and a half years, we have achieved a few early milestones, such as supporting 150+ FinTech startups through grants, reimbursement & various other market access programs, creating an active database (FinTech registry) of ~350+ FinTechs operating in the state, an open API sandbox (50+ APIs), Mumbai FinTech accelerator – a multi-partner accelerator cohort (with 10 industry partners and 12 startups), UDAY – a FinTech education platform pilot with 1200 students from 8 colleges, and government POC programs with 10 startups. Details of these initiatives are mentioned below:
For next year, we’re planning to achieve larger milestones with establishing the Global Market Access program through startup exchange and connected global sandboxes; scaling the FinTech education platform to 150+ colleges & universities; running multiple partner-led, theme-based accelerators; and starting a financial inclusion lab with a focus on Design Thinking.
FCC is a young and vibrant, not-for-profit association representing the interests of various regulated financial services companies and startups in the FinTech ecosystem. Formed in 2018 under the Internet and Mobile Association of India (IAMAI), FCC focuses on resolving various industry-level & sector-specific issues. FCC aims at being a platform for all the stakeholders in the financial services (BFSI) ecosystem to deliberate, integrate, and lead the development of the FinTech sector. FCC works closely with the Ministry & regulators like the Reserve Bank of India (RBI), the Ministry of Finance, the Insurance Regulatory & Development Authority, the Securities & Exchange Board of India, and any similar government departments, bodies, or institutions to grow the penetration of financial services.
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC"
The Ministry of Electronics and Information Technology (MeitY) is an executive agency of the Union Government of the Republic of India. It was carved out of the Ministry of Communications and Information Technology on 19 July 2016 as a standalone ministerial agency responsible for IT policy, strategy and development of the electronics industry.
Its mission is to promote e-Governance for empowering citizens, promoting the inclusive and sustainable growth of the Electronics, IT & ITeS industries, enhancing India’s role in Internet Governance, adopting a multipronged approach that includes the development of human resources, promoting R&D and innovation, enhancing efficiency through digital services and ensuring a secure cyberspace.
IAMAI represents the entire gamut of digital businesses in India and addresses the challenges facing the digital & online industry, including mobile content & services, online publishing, mobile advertising, online advertising, e-commerce, and digital payments, among others. The association is registered under the Societies Act and is a recognized charitable institution in Maharashtra. With a membership of 350+ Indian & MNC companies – and with offices in Delhi, Mumbai, Bengaluru, and Kolkata – the association is well-placed to work towards charting a growth path for the digital industry in India.
Since 2013, MEDICI has been pioneering the definition and organization of the new global FinTech industry for the benefit of enterprises, startups, and investors. Over the years, it has been a story of numerous firsts in FinTech! MEDICI is the first independent source of data-driven research dedicated to covering FinTech innovation globally, publishing stories every day since August 25, 2013, and now offering an archive of 5000+ insights for the benefit of this new industry. In 2015, MEDICI built the industry’s first content curation & ecosystem collaboration platform. Today, this proprietary technology supports the world’s largest FinTech community of 200,000+ globally across 1000+ enterprises, 15,000+ startups spread over 50+ subsegments – covering every hub of innovation in every continent.