Cashing in on the growth of the financial technology software industry, Software Technology Parks of India set up by the Ministry of Electronics and Information Technology inaugurated a Centre of Excellence 'FinBlue' in Chennai on Tuesday.
The centre located at the existing office of the STPI in Chennai, would provide resource in terms of mentoring, technology support and funding to startups in financial technology, STPI director-general Omkar Rai said.
The move was to augment the existing ecosystem focusing on accelerating nascent startups in the financial technology into full-fledged companies, he said.
"This is a collaborative effort between STPI, government of Tamil Nadu. This is to promote financial technology. This whole exercise is gaining ground," he told.
Polaris founder and the Intellect Design Arena managing director Arun Jain would be chief mentor for the startup under the Centre of Excellence.
It is being set up with an investment of Rs 23 crore. That includes contribution from government of India, government of Tamil Nadu, investors, he said.