One of the largest financial advisor and global banking provider JP Morgan has done a collaboration with the IIT Ahmedabad affiliated center for innovation and entrepreneurship to set up a financial inclusion lab that is going to focus on the newly stage startups with the latest tech innovations that will address the unique needs of the lower and middle income segment.
For this collaboration, the initiative has been done with a deal of USD 9.5 million on which JP Morgan has committed to pay $7 million over the time span of four years while rest of the money will be borne by the IIM A CIIE. This initiative has bene taken to scale up the early stage fintech startup which are more focused nowadays with the lower and middle income segment who earn only USD 2-USD 8 per day.
The Lab will be going to be a part of a IIMA-CIIE Bharat Inclusion Initiative which is a program that has been launched in May that aims to incubate and support the early bird startups which are focusing on developing emerging technologies which is going to be benefited for the underserved communities in the different part of health, education and financial inclusion. This would be going to be a great philanthropic commitment which is made by such a large firm JP Morgan outside of US Michael and Susan Dell Foundation and the Bill gates Foundation are also supporting the Lab as part of their overall collaboration.
“India’s vision of creating digital technology driven access to financial services will be incomplete unless we bring these offerings to the lower and middle income segments who are in urgent need of these financial products and services. Our initiative aims to identify and nurture fintech start-ups to generate innovative ideas which will help make financial products and services more accessible to this critical mass of Indians. JPMorgan Chase’s Financial Solutions Lab model is being introduced outside of the U.S for the first time. We are pleased to collaborate with CIIE’s Bharat Inclusion Initiative to help establish it in India,” said Kalpana Morparia, CEO, South and South East Asia, J.P. Morgan.