From Financial to FinTech Capital – Maharashtra Govt. Invites Global FinTech Startups for Mega Innovation Challenge

Maharashtra, one of the leading Financial & Industrial destination in India is organizing the first edition of Mumbai FinTech Festival and an Innovation Challenge on June 2 and 3, 2018 at Trident Hotel, Nariman Point, Mumbai, India. MEDICI is associated as an Innovation Challenge Partner. The Government of Maharashtra is introducing the Innovation Challenge for startups to demonstrate and explore the capabilities of leading financial technology players from India and around the world who will pit their skills and solutions against each other.

The Government of Maharashtra is also creating a FinTech corpus fund of Rs. 250 crores over the next three years to fund FinTech startups and address other issues related to the development of startup ecosystem. The festival will be attended by top government officials, industry leaders, investors & CXOs, and decision-makers from major Indian public & private sector banks and financial institutions. It’s a great opportunity for startups to expose themselves to the FinTech ecosystem of Mumbai, the financial capital of India.

The Honourable Chief Minister of Maharashtra Mr. Devendra Fadnavis will inaugurate the Festival & Innovation Challenge; startups stand a chance to meet the chief minister in person. The agenda of the program at Mumbai FinTech Festival can be found here.

The Innovation Challenge is open to early-stage as well as matured global startups from across the globe to demonstrate FinTech solutions on identified specific themes. Selected applicants will compete for the chance to receive recognition and prize money at the Mumbai FinTech Festival on June 2 & 3, 2018.

The themes selected for the 1st edition of Mumbai FinTech Festival Innovation Challenge are:

Credit Lending (Retail/SME): Alternative credit decision-making/scoring, rural agri-lending, and supply chain automated lending platforms.

RegTech: eKYC, Regulatory reporting, and anti-money laundering.

GovTech: Direct benefit transfer, eligibility for government financial schemes, land record registry using blockchain, asset tracking and supply chain management solutions for excise items, civil supplies, and medical supplies.

Financial Inclusion: Savings platform for informal sector, financial literacy & access – financial planning tools, mobile banking/payment platforms, platforms leveraging geographical imaging satellite/drone tech/other technologies in the rural sector, marketplace for agriculture products, and lending based on warehouse receipt using blockchain.

The top 20 finalists will showcase their solutions on Demo Day (June 2 & 3, 2018) in Mumbai to a panel of industry experts.

The winners and the runners-up will win monetary awards up to Rs. 5 lakhs and recognition from Maharashtra Government. Startups also stand chance to engage with the government, banks and financial institutions to address their problem statements.

Selected startups will also be profiled on MEDICI’s platform and will also be covered on prominent news platforms. Interested startups are requested to apply here.