Representative image showing a stock market rise.
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Bengaluru: The Government of Karnataka, through its Department of Electronics, Information Technology, Biotechnology and Science & Technology, has set up its first Centre of Excellence (CoE) in financial technology (fintech), it announced on Monday.
This is in partnership with non-profit business incubator NSRCEL (Nadathur S Raghavan Centre for Entrepreneurial Learning) at IIM Bangalore. It will lead the CoE as the implementing agency while the Karnataka Innovation and Technology Society (KITS) under the government department is providing financial support.
An estimated total cost of Rs 13.24 crore has been allocated for the CoE’s operations over a five-year period. The incubation and acceleration program costs are estimated at Rs 8.19 crore, while Rs 5.04 crore has been allocated for the skilling and training programs.
The proposed CoE aims to accelerate the growth of FinTech in Karnataka by leveraging its entrepreneurial ecosystem, facilitating innovation, and providing support for startups in the fintech sector.