IIT BHILAI INNOVATION AND TECHNOLOGY FOUNDATION (IBITF)
Department of Science and Technology, under its National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS) has funded IIT Bhilai to host the Technology Innovation Hub (TIH) for Financial Technologies (FINTECH) area. The TIH at IIT Bhilai is one of the 25 hubs setup under the NM-ICPS program. IIT BHILAI INNOVATION AND TECHNOLOGY FOUNDATION (IBITF), a Section 8 Company, has been established by IIT Bhilai to host this TIH. IBITF is the nodal centre for spearheading Entrepreneurship, Research and Development, HRD and Skill development and Collaboration related activities in the area of Financial Technologies. 55 crore INR has been sanctioned by for this initiative by DST for the period of five years.
IBITF: Nodal center for Financial Technologies
Financial technologies have emerged as one of the most thriving sectors in terms of business growth,
adoption among the customers, employment generation etc. As per the reports of KPMG India and NASSCOM,
in the global parlance, India has emerged as the world's second-largest financial technology hub (trailing just after the US)
reaching about USD 2.4 billion in 2020. Driven by factors like innovation-based start-ups, large market base, along with
favourable regulatory policies and government-led initiatives, India is witnessing more than 2000 start-ups operating in the space of financial
technologies. The digital payments or e-payments have proven to be rewarding for both at
the individual level and for businesses, including the self-employed, rural entrepreneurs, small borrowers, SMEs and MSMEs.
Financial technology companies, in a word, are those that facilitate all forms of financial services--consumer and enterprise by utilizing software and hardware technologies running on a broad range of electronic devices ranging from a simple desktop application to a smartphone, even to an advanced smart watch. The usage of various IoT devices for mobile banking, and for lending and borrowing of services and goods, are a few examples where cutting-edge technologies are being put to use to make financial services more accessible to the general public. More examples of new-age technologies being increasingly used by Fintech applications are IoT, AI, Blockchain, data science, etc. The ultimate goal is to augment or replace the traditional functioning of the financial sectors, in order to improve user experience, and to make transactions better in terms of security, accessibility, speed and efficiency .
Entrepreneurs are key to develop important innovative solutions for complex societal challenges. Entrepreneurship and innovation are relevant in many different sustainable business contexts, specifically in emerging technical fields like Fintech. Entrepreneurs need a strong support and advisory system in order to turn their start-up ideas into valuable businesses. As a part of the activities at IBITF, one of the ambitions is to establish a strong support system for entrepreneurship and start-ups in the Fintech arena.
The visions of the IBITF is as follows.
- Cutting-edge research and development in financial technologies
- Scouting for young professionals and students with entrepreneurial skills, and nurturing them
- Capability and capacity building using HRD and skill development at various levels
- Contribution towards India occupying the leadership position in the financial technology revolution
- Building a sustainable ecosystem with national and international collaboration