J.P. Morgan India and the Indian Institute of Management Ahmedabad's Centre for Innovation, Incubation and Entrepreneurship (CIIE) have announced a $9.5 million financial inclusion initiative focused on underserved communities.
Part of CIIE's Bharat Inclusion Initiative (BII), which was launched in May, the Financial Inclusion Lab will identify and bring to scale early-stage fintech startups focused on providing people in India who earn between $2 and $10 a day with access to financial products and services such as savings, credit, and insurance. The initiative will draw insights and learnings from the JPMorgan Chase-funded Financial Solutions Lab, a five-year program launched in the U.S. in 2014 that is managed by the Center for Financial Services Innovation and has helped fintechs develop and scale solutions for more than 2.5 million Americans.
JPMorgan Chase will provide up to $7 million over the next four years in support of the initiative — the largest philanthropic commitment made by the company outside the U.S. — with the Michael and Susan Dell Foundation and Bill & Melinda Gates Foundation also supporting the initiative as part of their overall commitment to BII.
"India's vision of creating digital technology driven access to financial services will be incomplete unless we bring these offerings to the lower- and middle-income segments who are in urgent need of these financial products and services," said Kalpana Morparia, CEO of South and South East Asia operations at JPMorgan Chase & Co. "Our initiative aims to identify and nurture fintech start-ups to generate innovative ideas which will help make financial products and services more accessible to this critical mass of Indians. JPMorgan Chase's Financial Solutions Lab model is being introduced outside of the U.S. for the first time. We are pleased to collaborate with CIIE's Bharat Inclusion Initiative to help establish it in India."
(Photo credit: Bharat Inclusion Initiative)