T-Hub, a Telangana government initiative for startups, on Tuesday announced the launch of a fintech accelerator program and National Payments Corporation of Indias (NPCI) txnnxt hub, an innovation lab.
For the first edition of the program, T-Hub partnered with DST (Department of Science and Technology) and NPCI being the umbrella organisation for retail payments system in the country, a press release said here.
The fintech accelerator program,presented by DST as per its NIDHI (National Initiative for Developing and Harnessing Innovations) acceleration scheme,would be carried out by T-Hub and NPCI to bring in scale-up opportunities for fintech startups with products and services for the digital payments sector, the release said.
T-Hub would help NPCI source the most innovative solutions that could help bring efficiencies to national-level payments platform, it said.
Furthermore, NPCI has inaugurated itstxnnxt hub at T-Hub to enable startups access the latest technological advancements in the digital payments, the release said.
Experts from NPCI would organise seminars, workshops, mentoring sessions, and community events with a focus on training startups on product development in the fintech domain, it said.
A separate press release said T-Hub and Facebook concluded the second edition of their India innovation accelerator program with a demo and graduation of the cohort of AI startups at the Facebook office in Gurgaon.
As many as 10 start-up companies presented their strategies and products to investors and industry and ecosystem players, it said.
Director and head of Partnerships, Facebook India, Manish Chopra was quoted as saying: We are thrilled to play a key role in Indias startup ecosystem, being a catalyst for future growth, using the potential of emerging technologies like AI, to solve the major problems India is facing today.”
He said, “We are committed to support start-up and are focused on creating programs like India innovation accelerator with partners across the tech community to fuel startups and to build the businesses of tomorrow.
T-Hub’s CEO Ravi Narayan said, Social startups in India havent been able to get the spotlight unlike those from the other sectors. We need an innovation ecosystem that allows entrepreneurs to think beyond the limits and empower them to address the critical challenges faced by two-thirds of the population in our country.”
The India innovation accelerator program by Facebook, in collaboration with T-Hub, is one such initiative to support startups that are using technology such as AI to make an impact. PTI GDK