On the occasion of the 75th anniversary of Indian Independence & ongoing Azadi ka Amrit Mahotasav, India Post Payments Bank (IPPB) announced the launch of Fincluvation.
- It is a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion.
- Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.
- IPPB and DoP (Department of Post) collectively serve close to 430 million customers through neighbourhood post office and at their doorsteps via more than 400,000 trusted and capable Post Office employees and Gramin Dak Sevaks – making it one of the largest and trusted postal networks in the world.
- Fincluvation has invited startups to Participate, Ideate, Develop and Market intuitive and tailored products and services that can be taken to the customers.
- Fincluvation will allow the start-ups to work with IPPB and DoP experts to develop solutions and conduct pilots using the postal network and IPPB’s technology stack. Successful pilots can then mature into long-term partnerships.
Startups are encouraged to develop solutions aligned with any of the following tracks-
- Creditization – Develop Innovative & Inclusive credit products aligned with the use cases of target customers and take them to their doorsteps through Postal network.
- Digitization – Bring convenience through convergence of traditional services with Digital Payment Technologies such as making the traditional Money Order service as Interoperable Banking service.
- Any Market-led solutions that can help solve any other problem relevant to IPPB and/or DoP in serving the target customers
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