The Lab to focus on early-stage fintech start-ups with innovations that address the unique needs of the lower and middle income segment
Delhi, August 7, 2018: Global banking and financial services provider J.P. Morgan and the Indian Institute of Management Ahmedabad’s Centre for Innovation, Incubation and Entrepreneurship (CIIE) today announced their collaboration to set up a Financial Inclusion Lab. The US$9.5 million initiative is aimed at identifying and bringing to scale early-stage fintech start-ups that are focused on helping people in India within the lower and middle income (LMI) segment who earn US$2-US$10 a day. The start-ups will enable access and usage of appropriate financial products and services such as savings, credit and insurance for LMI households.
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The Lab is part of IIMA-CIIE’s Bharat Inclusion Initiative (BII), a program launched in May that aims to incubate and support start-ups that are focused on developing technologies that can be used for the benefit of underserved communities in the areas of livelihoods, financial inclusion, health and education. J.P. Morgan will provide up to US$7 million over the next four years towards this initiative. This would be the largest philanthropic commitment made by J.P. Morgan outside of the U.S. Michael & Susan Dell Foundation and Bill & Melinda Gates Foundation are also supporting the Lab as part of their overall commitment to BII.
The Lab will draw insights and learnings from the work performed by the JPMorgan Chase-funded Financial Solutions Lab, a five-year program launched in the U.S. in 2014 and managed by the Center for Financial Services Innovation. Over the past four years, this initiative has supported the development and scaling of fintech solutions that have improved the financial wellbeing of underserved communities in the U.S. To date, participating fintechs have reached over 2.5 million Americans and have seen their users grow 20 times since joining the program.
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In May 2018, the BII announced support from Bill & Melinda Gates Foundation, the Michael and Susan Dell Foundation and Omidyar Network towards backing start-ups leveraging the ongoing digital transformation in India to create access to services that were hitherto inaccessible for a large segment of Indians.
J.P. Morgan India
J.P. Morgan is a leading global financial services player, with a presence in India since 1922. J.P. Morgan provides a comprehensive range of Corporate & Investment Banking, Commercial Banking, Asset & Wealth Management, and corporate functions services and solutions to our clients. India is a key market for J.P. Morgan and the firm has consistently invested in the India business, which has been growing steadily. J.P. Morgan is among the country’s leading players in almost all of its businesses and primarily caters to the firm’s global clients with business interests in India and local multinationals growing their footprint internationally. India is also home to the Global Service Centre, which services J.P. Morgan’s businesses around the world in the areas of operations, technology and research.
Centre for Innovation Incubation and Entrepreneurship (CIIE) at IIM Ahmedabad helps entrepreneurs turn ideas into viable businesses. In partnership with their mentors, corporates, development agencies, IIMA community and investors, CIIE cultivates a rare breed of entrepreneurs by incubating, accelerating, mentoring and funding innovative start-ups. CIIE has, over the years, played a multi-dimensional role in the entrepreneurial landscape of India through its incubators, accelerators, seed-investments, and publications. Its deep understanding of the evolving gaps, needs, and opportunities in the markets and the entrepreneurial ecosystem has enabled it to design initiatives that have attracted and supported the best entrepreneurs in various sectors. For more details about CIIE, visit www.ciie.co.
Bharat Inclusion Initiative
Bharat Inclusion Initiative (BII) is an incubator platform at CIIE that provides entrepreneurs the domain knowledge, training, financial support, mentorship, and market access they need to bring inclusive, for profit-business to life. BII’s core design is to promote technology driven entrepreneurship towards the delivery of affordable services to the Bharat Segment- the poorest 200 million households in India who survive on less than $5 per person a day through programs, fellowships, and funding where possible.
The program focuses on solutions that leverage technology. It integrates financial inclusion research with entrepreneurship and training to transform these solutions into scalable, viable and high impact businesses. We are keen on partnering with entrepreneurs who are driven by building next-generation digital services for India. More details at www.bharatinclusion.org. We can be reached on email@example.com.
About MicroSave: MicroSave is a leading international consulting firm that offers practical, market-led solutions focused on enhancing access to financial services to the low and middle-income segments. MicroSave has worked in more than 50 countries across Asia, Africa & Latin America, with more than 450 clients. MicroSave has been working with various national and international clients for nearly two decades as a locally based international consulting firm on guiding policies & facilitating partnerships to develop enabling eco-systems, providing comprehensive, customised strategic advice and delivering actionable, on-site operational assistance for financial inclusion. For more details about MicroSave, visit http://www.microsave.net/
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