NEWS – The Government of Karnataka has established its first Centre of Excellence (CoE) in financial technology (fintech) by the Department of Electronics, Information Technology, Biotechnology, and Science & Technology.

HIGHLIGHTS

Partnership and Implementation

• The CoE is in collaboration with NSRCEL (Nadathur S Raghavan Centre for Entrepreneurial Learning) at IIM Bangalore.
• NSRCEL will serve as the implementing agency for the CoE.
• The Karnataka Innovation and Technology Society (KITS) will provide financial backing for the initiative.

Financial Allocation

• A total budget of Rs 13.24 crore has been allocated for the CoE’s operations over five years.
  • Incubation and Acceleration Programs: Rs 8.19 crore
  • Skilling and Training Programs: Rs 5.04 crore

Goals and Objectives

• The CoE aims to:
  • Accelerate the growth of fintech in Karnataka.
  • Leverage the state’s entrepreneurial ecosystem.
  • Facilitate innovation in the fintech sector.
  • Provide support for startups operating in fintech.