The pact will strengthen collaboration to leverage the latter’s expertise and knowledge to enable start-ups incubated at STPI FinBlue, Chennai, to develop world-class products.

T Mano Thangaraj, Minister of IT, TN, expressed confidence in the success and vision of the STPI FinBlue start-up ecosystem to develop innovative FinTech products and services and bring TN and India as a Global FinTech hub.

Arun Jain, CMD, Intellect Design Arena and Chief Mentor of FinBlue explained the operationalization of FinBlue business based on six pillars such as understanding buyer needs, product ranking, policies for the business of products , the funding ecosystem, mentoring and international networking. He exuded confidence “the fintech products developed by finblue start-ups will reach 120 countries”.

Monetary Authority of Singapore’s chief financial officer Sopnendu Mohanthy said the merger would have a real impact globally in the fintech sector.

Omkar Rai, CEO, STPI said the MoU will guide and motivate integrated fintech start-ups. Devesh Tyagi, senior director of STPI, said the collaboration would also help share best practices across the border.

Neeraj Mittal, senior secretary of TN’s IT department, said STPI FinBlue will open a new chapter for all fintech start-ups, in addition to giving people access to digital technology. Internet access will be available in all gram panchayats through the Bharat Net contract, he said.

Sanjay Tyagi, Director, STPI-Chennai and CEO of FinBlue explained various initiatives taken over the past two years by STPI-Meity, in association with ELCOT for the integration of FinTech start-ups, the establishment of sandboxes and API Exchange, ups through mentoring, funding, international networking and go-to-market strategy.