Zürich-based financial services company Credit Suisse and Nasscom 10,000 Startups announced plans to support the growth of the Indian fintech startup ecosystem through the Nasscom Industry Partnership Program (NIPP).
Credit Suisse and Nasscom, the software industry lobby, will support the growth of fintech startups by working within a three-stage programme framework of SET, an acronym for socialise, engage and transform.
SET was introduced at the Credit Suisse startup conclave earlier this month in Pune. The conclave started the first stage of the SET framework (socialise) and brought together Credit Suisse’s IT India leadership team, representatives of Nasscom 10,000 Startups and 35 fintech startups from across India.
The initiative intends to fulfill Credit Suisse’s strategy of turning India into a centre for technology innovation and banking globally, an official statement said. The objective of the conclave is the creation of a platform that enables faster adoption of latest technologies and solutions within Credit Suisse while fostering young information technology entrepreneurs and playing a part in the growth of India’s fintech startup ecosystem, the statement added.
Fintech startups shortlisted under the programme will receive mentorship from domestic experts and senior leaders from Credit Suisse, offering advice regarding business challenges within the banking industry, the statement said.
“India has one of the fastest-growing, relatively matured startup ecosystems in the world,” Rajiv Ramachandran, managing director, technology, Credit Suisse, said. “However, early-stage entrepreneurs seldom have direct access to complex, functional business challenges that they can address through technology.”
Rajiv, who also leads the start-up engagements at Credit Suisse, added that they are looking forward to providing entrepreneurs this opportunity, and support and nurture them in solving business problems while collaborating with them to build innovative solutions for Credit Suisse.
“India’s IT sector has witnessed a dynamic revolution with the arrival of new-age advanced technologies such as AI, machine learning, blockchain among others,” Gaurav Hazra, senior director & head - India market development, Nasscom, said.
“To remain relevant in this rapidly evolving world, enterprises and businesses need to leverage these emerging technologies, while lowering their barriers to accepting innovation. We are glad to partner with Credit Suisse to bring out this initiative, which will not only assist these fintech start-ups to create solutions specific to the needs of our society but also serve as a guide for financial services organizations in India to accelerate their journey in the open digital era.”
Programmes recently launched to accelerate the growth of Indian startups:
- Intel’s India arm helps 11 startups showcase developments in AI and the internet of things (IoT) products for a variety of industries.
- Boeing rolls out an incubator programme to develop ideas of university students, faculty and early-stage startups.
- Bill and Melinda Gates Foundation partners with Tata Trusts to support the agritech startup ecosystem in India.