Market Overview

J.P. Morgan and IIMA-CIIE's Bharat Inclusion Initiative to launch a US$9.5 million Financial Inclusion Lab for India's Underserved Communities


The Lab to focus on early-stage fintech start-ups with innovations that
address the unique needs of the lower and middle income segment

Global banking and financial services provider J.P. Morgan and the
Indian Institute of Management Ahmedabad's Centre for Innovation,
Incubation and Entrepreneurship (CIIE) today announced their
collaboration to set up a Financial Inclusion Lab. The US$9.5 million
initiative is aimed at identifying and bringing to scale early-stage
fintech start-ups that are focused on helping people in India within the
lower and middle income (LMI) segment who earn US$2-US$10 a day. The
start-ups will enable access and usage of appropriate financial products
and services such as savings, credit and insurance for LMI households.

The Lab is part of IIMA-CIIE's Bharat Inclusion Initiative (BII), a
program launched in May that aims to incubate and support start-ups that
are focused on developing technologies that can be used for the benefit
of underserved communities in the areas of livelihoods, financial
inclusion, health and education. J.P. Morgan will provide up to US$7
million over the next four years towards this initiative. This would be
the largest philanthropic commitment made by J.P. Morgan outside of the
U.S. Michael & Susan Dell Foundation and Bill & Melinda Gates Foundation
are also supporting the Lab as part of their overall commitment to BII.

The Lab will draw insights and learnings from the work performed by the
JPMorgan Chase-funded Financial Solutions Lab, a five-year program
launched in the U.S. in 2014 and managed by the Center for Financial
Services Innovation. Over the past four years, this initiative has
supported the development and scaling of fintech solutions that have
improved the financial wellbeing of underserved communities in the U.S.
To date, participating fintechs have reached over 2.5 million Americans
and have seen their users grow 20 times since joining the program.

"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. 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," said Kalpana Morparia, CEO, South and South East Asia,
J.P. Morgan

The initiative will also glean insights from international financial
inclusion consulting firm MicroSave and CIIE on where and how fintechs
can help the LMI segment. Recent research conducted by CIIE and
MicroSave revealed that LMI households have erratic financial inflows
and many in the LMI segment struggle to adopt digital platforms for
their financial needs. "Over 80 per cent of the addressable LMI market,
or 470 million people, are not integrated into the economic mainstream.
Early stage fintechs, when provided with the right mentoring, insights
and capital support, can have a huge and positive impact on the lives of
many people," said Anil Gupta, Associate Director, MicroSave.

The Lab will host a series of accelerator programs to identify solutions
for specific financial challenges, and leading ideas will be supported
with start-up capital, market access, technical assistance, mentoring
and sector expertise. Fintech entrepreneurs are now being invited to apply
to join
the Lab.

"The Financial Inclusion Lab is a critical component of the Bharat
Inclusion Initiative continuum and will build upon CIIE's decade long
experience of running incubators, accelerators and impact funds to
provide inclusion focused tech entrepreneurs the comprehensive support
required to turbocharge their journeys. We are excited to partner with
J.P. Morgan to create access and opportunity for more people to join the
financial mainstream by unlocking entrepreneurial energy," said Priyanka
Chopra, COO, CIIE

In May 2018, the BII announced support from Bill & Melinda Gates
Foundation, the Michael and Susan Dell Foundation and Omidyar Network
towards backing start-ups leveraging the ongoing digital transformation
in India to create access to services that were hitherto inaccessible
for a large segment of Indians.

About J.P. Morgan India

J.P. Morgan is a leading global financial services player, with a
presence in India since 1922. J.P. Morgan provides a comprehensive range
of Corporate & Investment Banking, Commercial Banking, Asset & Wealth
Management, and corporate functions services and solutions to our
clients. India is a key market for J.P. Morgan and the firm has
consistently invested in the India business, which has been growing
steadily. J.P. Morgan is among the country's leading players in almost
all of its businesses and primarily caters to the firm's global clients
with business interests in India and local multinationals growing their
footprint internationally. India is also home to the Global Service
Centre, which services J.P. Morgan's businesses around the world in the
areas of operations, technology and research.

About CIIE

Centre for Innovation Incubation and Entrepreneurship (CIIE) at IIM
Ahmedabad helps entrepreneurs turn ideas into viable businesses. In
partnership with their mentors, corporates, development agencies, IIMA
community and investors, CIIE cultivates a rare breed of entrepreneurs
by incubating, accelerating, mentoring and funding innovative start-ups.
CIIE has, over the years, played a multi-dimensional role in the
entrepreneurial landscape of India through its incubators, accelerators,
seed-investments, and publications. Its deep understanding of the
evolving gaps, needs, and opportunities in the markets and the
entrepreneurial ecosystem has enabled it to design initiatives that have
attracted and supported the best entrepreneurs in various sectors. For
more details about CIIE, visit

About the Bharat Inclusion Initiative

Bharat Inclusion Initiative (BII) is an incubator platform at CIIE that
provides entrepreneurs the domain knowledge, training, financial
support, mentorship, and market access they need to bring inclusive, for
profit-business to life. BII's core design is to promote technology
driven entrepreneurship towards the delivery of affordable services to
the Bharat Segment- the poorest 200 million households in India who
survive on less than $5 per person a day through programs, fellowships,
and funding where possible.

The program focuses on solutions that leverage technology. It integrates
financial inclusion research with entrepreneurship and training to
transform these solutions into scalable, viable and high impact
businesses. We are keen on partnering with entrepreneurs who are driven
by building next-generation digital services for India. More details at
We can be reached on

About MicroSave: MicroSave
is a leading international consulting firm that offers practical,
market-led solutions focused on enhancing access to financial services
to the low and middle-income segments. MicroSave has worked in more than
50 countries across Asia, Africa & Latin America, with more than 450
clients. MicroSave has been working with various national and
international clients for nearly two decades as a locally based
international consulting firm on guiding policies & facilitating
partnerships to develop enabling eco-systems, providing comprehensive,
customised strategic advice and delivering actionable, on-site
operational assistance for financial inclusion. For more details about
MicroSave, visit

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