Facts:
-
Aim: To create an ecosystem that would focus on promoting access to financial services and products and will also promote financial inclusion.
-
Features:
-
The Hub will collaborate with financial sector institutions, technology industry and academic institutions and coordinate efforts for exchange of ideas and development of prototypes related to financial innovations
-
It would also develop internal infrastructure to promote fintech research and facilitate engagement with innovators and start-ups.
-
Additional Facts:
-
Regulatory Sandbox: It is an infrastructure that helps financial technology (FinTech) players live test their products or solutions before getting the necessary regulatory approvals for a mass launch.