Quantel AI is excited to announce that it has been selected to join FinBlue, a ‘Center of Excellence in Fintech’ in Chennai, India.
Software Technology Parks of India (STPI) has set up a ‘Centre of Excellence in FinTech’ in Chennai, first of its kind in India, with an objective to provide resources in terms of mentoring, technology support and funding for FinTech startups. Called ‘FinBlue’, the centre intends to incubate over 58 startups in the next five years. The venture entails investments to the tune of over ₹23 crore (approximately $4 million) , given by various stakeholders.
“Chennai is emerging fast in the financial landscape. That’s one key reason why we wanted to set up this centre here,” Omkar Rai, director general – STPI and chairman of governing council of FinBlue, told The Hindu. STPI has been set up and is in the process of setting up more such centres in sectors such as internet of things (IoT), artificial intelligence, gaming and animation, healthcare, cyber security and data analytics, he added.
Pontaq, a UK-based Venture Capital (VC) firm, has committed to support FinBlue startups with $2 million of seed investment. STPI has signed an MoU with the National Research Development Corporation (NRDC) for providing support to startups for filing for intellectual property rights (IPR) like patenting, trademark, copyright and other IPR-related support.