Federal Bank launches India's first focused FinTech Accelerator Programme as a CSR initiative, in association with MobME wireless and Startup Village
Federal bank has joined hads with MobME wireless to launch India's first focused FinTech Accelerator programme.
- (1888PressRelease) April 09, 2015 - Federal Bank has joined hands with M/s MobME wireless, and Startup Village to launch India's first focused FinTech Accelerator Programme, a unique programme that aims at speeding up technological innovations in the financial sector space. FinTech refers to Financial Technology, which is currently one of the hottest sectors attracting investors with investments expected to more than double by 2018. Startup Village, which is supported by M/s MobME wireless, Department of Science and Technology (Government of India) and Kerala State Government is India's first innovation incubator in the Public Private Partnership (PPP) space. The Accelerator programme that comes under the Startup Studio initiative of M/s MobMe wireless, will complement the innovation incubation services offered by Startup Village.
As part of the programme, technology based innovation ideas in the financial sector domain will be brought on board the studio platform, and thrown open to startup companies from across the country to come up with viable solutions for implementation. Federal Bank will mentor and provide necessary guidance on product development to the startups selected for implementing the ideas. The duration of the Accelerator programme is 14 weeks, at the end of which Federal Bank expects to commercially deploy some of the ideas.
The programme which comes under the Corporate Social Responsibility (CSR) initiatives of the Bank, will add immense value to the startup companies involved. Federal Bank hopes that startups across the country will make use of this exclusive opportunity and help build innovative products in the Banking sector that will eventually benefit the customer.
Anand Chugh: Assistant General Manager
About Federal Bank:
Federal Bank is a leading Private Sector Bank with a branch network of 1232 branches and 1,485 ATMs spread across the country. The Bank's total business mix (deposits + advances) stands at Rs 1.03 Lakh Crore as at March 31, 2014and it has earned a net profit of Rs 838.89 Crore. Its Capital to Risk weighted Ratio (CRAR) stood at 15.14% at the end of March 31. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.
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