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Post at: Jun 25 2022

India Post Payments Bank launches ‘Fincluvation’

Recent Context

  • On April 21, 2022, India Post Payments Bank (IPPB), a 100% government owned entity under Department of Posts (DoP) announced the launch of Fincluvation.
  • Fincluvation  is  a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion.

Key highlights

  • Fincluvation will be a permanent platform of IPPB to co-create inclusive financial solutions with participating start-ups.
  • Fincluvation invites startups to Participate, Ideate, Develop and Market intuitive and tailored products and services that can be taken to the customers. 
  • Startups are encouraged to develop solutions aligned with any of the following tracks-

Significance

  • 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. 
  • Through Fincluvation, IPPB creates a platform that can provide an opportunity for start-ups to work together  and understanding the needs of the underserved customers to deliver products with a positive impact and more importantly in a cost effective manner.


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