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  • maha-logoGovernment Of Maharashtra

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.

Our Objectives

objectives image

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

Our Team

team image Shri S. V. R. Srinivas, IAS
Principal Secretary (IT)
Description:

He is an IAS officer and has done Masters in Political Science and Public Policy and Management. He…

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team image Mrs. Suniti Nanda
Fintech Officer
Description:

A leader, executor, innovation evangelist: Now A Change Agent Fintech Officer for Government of Maharashtra,…

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