In a first of a kind movement, the Karnataka government joined hands with the NSRCEL (Nadathur S Raghavan Centre for Entrepreneurial Learning), which is IIMB’s incubation centre to build a Center of Excellence (CoE) in fintech.

By making use of the thriving entrepreneurial ecosystem, the CoE is expected to catapult the growth of fintech by encouraging innovation and aiding startups in the financial technology sector.

For the next five years the government has kept aside Rs 13.24 crores to support the center's operations.

In that, the expenditure for the incubation and acceleration program are expected to be around Rs 8.19 crores, whereas Rs5.04 crores has been saved for the skilling and training programs.

The program will span for about 12 months including the participation of 20 companies which will be provided with networking opportunities, infrastructure, office space, industry knowledge, and mentorship to help them expand.

As the implementing agency, NSRCEL will oversee the CoE and foster innovation through programs for skill development, startup incubation, acceleration, and sandbox settings.

Priyank Kharge, the Minister of IT-BT for Karnataka, stated that the center will help make the state known as the nation's hub for fintech.

Priyank stated that, "Karnataka's tech ecosystem is taking a significant leap forward as we focus on fostering innovation and entrepreneurship in the dynamic realm of financial technology”,

“This Centre of Excellence represents a crucial step in establishing Karnataka as the FinTech capital of India”, said Priyank.

“By leveraging the domain expertise of IIM-Bangalore alongside comprehensive support for startups, we aim to not only accelerate the growth of fintech ventures but also develop a skilled workforce ready to meet the demands of a digital economy.”

We are investing in the future of finance, and I am confident that this partnership will yield innovative solutions that propel our state and nation forward," he said.

According to the department, the creation of the Center of Excellence in FinTech is a major step in encouraging innovation and entrepreneurship in Karnataka, solidifying the state's standing as a leader in financial technology and advancing the state's larger objectives for the digital economy.