IIM Kozhikode, IFSCA collaborate to boost startups in finance sector

NEW DELHI: The Indian Institute of Management (IIM) Kozhikode, Laboratory for Innovation Venturing and Entrepreneurship (LIVE) and the International Financial Services Centers Authority (IFSCA) signed an agreement to aid fintech startups in India. The agreement was signed between Professor Rajesh Upadhyayula, Executive Director, IIMK LIVE, and Joseph Joshy, Chief Technology Officer, IFSCA.

IFSCA and LIVE, IIMK’s startup incubator have agreed to mutually cooperate and collaborate to support and facilitate FinTech startups by launching the fintech accelerator programme, FINN X.

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As part of the FINN X Accelerator programme at IIMK LIVE, Fintech startups will receive mentorship, training, market access and funding support from IFSCA under its FinTech Grant scheme which offers grants up to Rs 75 lakhs.

IFSCA will allow FinTechs registered with IIMK LIVE to list on international exchanges with IFSC to raise capital. Apart from this, both parties will collaborate with each other in FinTech events, global hackathons, and educational programs organized by them jointly from time to time, as per the official release.

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Commemorating the signing of the agreement, Professor Debashis Chatterjee Chairman, Board of Governors, IIMK LIVE and Director IIM Kozhikode added, “This collaboration with IIMK LIVE and IFSCA is phenomenal. IIMK LIVE and IFSCA can provide mentorship, market access, and funding support to FinTech startups. Our Innovation Center LIVE has scripted transitions for many successful early-stage startups, and we forecast a new emphasis on 'innovation' in the finance sector as a result of this game-changing collaboration."