Karnataka is working on a fintech programme to unite the government, venture capital and banking sector for offering funding and mentorship support to startups, said the state’s IT/BT Minister Priyank Kharge.
Speaking at the Global Fintech Fest 2023, he said that the Karnataka government has plans to set up a centre of excellence (CoE) for fintech that will focus on nurturing talent, leadership, entrepreneurship and fostering innovation.
Kharge highlighted that out of 23 fintech unicorns, 12 are from Bengaluru alone. “Our state boasts of 1,300 active fintech startups and we are actively working on creating a Fintech Regulatory Support framework to encourage innovation and industry growth,” Kharge said.
Last year, the state’s government announced that it was planning to invest INR 25 Cr to set up a fintech hub in Mangaluru. Karnataka’s former science and technology minister Dr. C.N. Ashwath Narayan had said that at least 50 fintech startups would be established in the hub, giving further impetus to its plan of achieving $500 Bn business turnover by 2030 from the companies in the area.
Also, last year, the state rolled out its Startup Karnataka Policy 2022-2027 with an aim to position Karnataka as the ‘Champion State’ for startups by adopting a holistic approach towards strengthening the startup ecosystem.
The government aims to do this by offering the support of funding, incubation, infrastructure, mentoring, acceleration, R&D and industry linkages. The government claims that 15,000 startups have enrolled for the programme, out of which 700 are funded startups and over 10,000 are government-recognised.
Kharge’s statements come after Karnataka’s cabinet minister NS Boseraju announced that the state will establish a research foundation to foster R&D in the startup ecosystem. He said that the move would bridge the gap between startups and other stakeholders, further offering easy access to research and development. He also invited domain experts to offer insights into the proposed foundation.
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