Karnataka's Strides Towards FinTech Dominance

Karnataka has announced the establishment of the first-ever Centre of Excellence (CoE) in FinTech in partnership with NSRCEL at IIM Bangalore. The initiative aims to accelerate FinTech growth in the state by harnessing its entrepreneurial ecosystem, focusing on innovation, and supporting startups with a budget of Rs 13.24 crore.

Karnataka's Department of Electronics, IT, BT, and Science & Technology has launched a pioneering initiative with the establishment of the state's first Centre of Excellence in FinTech. Partnering with IIM Bangalore's NSRCEL, the government aims to foster innovation and support startups in the financial technology sector.

The CoE comes with a significant investment, as Rs 13.24 crore has been earmarked for its initiatives over the next five years. This includes Rs 8.19 crore for incubation and acceleration programs and Rs 5.04 crore for skilling and training initiatives. This financial backing underlines the state's commitment to developing a thriving FinTech ecosystem.

Under the leadership of NSRCEL, IIM Bangalore will drive this forward by providing a platform for incubation, acceleration, and skill enhancement in FinTech. Minister Priyank Kharge emphasized the importance of this venture in making Karnataka the FinTech capital of India and enhancing its digital economy landscape.

(With inputs from agencies.)