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About US

The “Mumbai FinTech Hub” has been established by Government of Maharashtra for implementing Maharashtra State FinTech Policy. Government of Maharashtra has been the first state in India to create a Fintech policy to support the sector with a vision to convert Mumbai into a Global Fintech Hub. It provides an ecosystem encompassing the entire infrastructure, organizations and people within the hub, as well as how those elements are structured and engage with each other to nurture innovation and entrepreneurial spirit. The policy envisages supporting the ecosystem as a whole to leverage technology innovation for FinTech ecosystem while actively promoting innovation and collaboration at the broader global scheme.

The key stakeholders in this journey include Financial institutes, Regulators, Technology partners, Investors, Academic institutes, Incubators/Accelerators, Government Institutes and market influencers.

The policy addresses a few key pillars - space, access to capital, ecosystem, market access, global corridors, and Fintech skill. Mumbai Fintech Hub has established the Fintech registry, an API sandbox, a multi-partner accelerator cohort, government POC program, government grant/reimbursement scheme, Fintech education Platform, Fintech Investment & Deals platform and more.

We are in process of establishing Global Market Access program, scaling Fintech education platform with industry partners, accelerators based on technology themes with Financial use cases, Financial inclusion lab with a focus on Design Thinking and few more.

Our Vision

To foster next-generation innovation that will enable financial empowerment, technological advancement across the entire financial services ecosystem to nurture globally competent FinTech firms. Mumbai Fintech Hub has been engaging with Fintech Start-ups, Investors , Government Departments, Regulators , Financial Institutes , Academic institutes , Incubators , Accelerators and Global entities to create various platforms and programs for the benefit of the Fintech sector. Maharashtra is the FIRST state to release an exclusive FINTECH POLICY. Mumbai is the financial capital of the country. Through the policy implementation, GoM envisage to make Mumbai one of the Global Fintech Hub and be the Fintech gateway to India.

Our Objectives

With the above vision the government aims to achieve the following objectives:

Increase financial access, experiences and empowerment through unlocking innovation in the ecosystem
Promote open banking platform via application programming interfaces (APIs) for faster innovation and integration of new and legacy IT systems within the sector
Endorse innovation testing using sandbox as safe spaces to experiment and roll out innovative products and solutions within controlled boundaries
Encourage building of a vibrant FinTech ecosystem comprising of start-ups, technology companies, financial institutions, investors, research institutes, and government agencies
Cultivate a talent pool equipped to support the development of a FinTech sector and thereby drive employment opportunities
Digitalize the way citizens engage with the government by using emerging technological innovations
Promote use case driven approach to solve industry and governance related challenges

Our Milestones

THE KEY MILESTONES THAT ARE ENVISAGED ARE AS FOLLOWS:

Incubate at least 300 start-ups in next three years
Facilitate venture capital funding of at least ₹200 crore for FinTech start-ups as a part of the hub in next three years
Be among the top five emerging FinTech hubs worldwide in next five years

Our Timeline

FEB 2018

Policy Launch

The first state to launch it's own FinTech Policy.

JUN 2018

FinTech Festival

Launch of registry: Built a finTech registry to identify and collect information on the Start-up community.

Launch of API sandbox: An API sandbox whereby Startups and Financial Institutions can contribute to the creation of new products in a secure DevTest environment.

SEPT 2018

Accelerator Launch Announcement

Initiated with an agenda to create better market access and industry interaction for young FinTech startups.

NOV 2018

Singapore FinTech Festival

8 start-ups from the MFH registry were given a chance to display their solution in the festival.

A grant of Rs. 10 lakh each was provided to 10 startups and reimbursements were provided to 28 companies.

DEC 2018

Accelerator 1.0

12 startups were shortlisted for the accelerator program.

MAR 2019

Fintegrate Zone 2019

Launch of Uday FinTech Education Platform and distribution of second set of grants by the Governor of Maharashtra at Fintegrate Zone 2019

MAY 2019

Fintech Education Platform

The FinTech Educational Platform (FEP) was launched, which hosts e-learning modules covering various sought after technical, functional and miscellaneous skill-sets.

JUNE 2019