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SBI Fintech Innovation Incubation Program (FIIP)

State Bank of India (SBI) has launched the Fintech Innovation Incubation Program (FIIP) to promote a culture of Fintech innovation and entrepreneurship in India. SBI has a board-approved policy to support the Fintech sector. This program is designed to incubate and support startups that are focused on developing technologies. In this article, we look at the SBI-FIIP in detail.

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Objectives

The objectives of the Fintech Innovation Incubation Program (SBI-FIIP) are as follows:

• The primary objective of this program is to harness the capabilities of innovative young entrepreneurs for developing their innovative ideas at a low value to the Bank.
• It aims to allow the startups to develop their products and innovative vision to market.
• SBI-FIIP intends to nurture innovative start-up businesses in their pursuit to become scalable and sustainable enterprises on Fintech domain.
• It also encourages the startups to transfer technology to SBI in particular and to the industry and society at large.
• It allows the IT start-ups to leverage the benefits of “Digital India” and “Make in India” programs and in the process contribute to the development of products and services for the banking sector.

Eligibility Criteria 

In general, the below-specified applicants can apply for the Fintech Innovation Incubation Program in SBI.

• Developers
• Professionals and self-employed
• Startups
• Entrepreneurs (individuals or teams)

The above-mentioned entities must come up with the Fintech based innovative idea on emerging and new technologies.

Facilities by SBI

Some of the facilities offered by the SBI bank to the incubatee are as follows:

• The incubatee will have access to India’s largest Fintech ecosystem an opportunity to create Go-to-Market Business Plan, develop a working model with SBI Team.
• Incubatee will be provided dedicated office space and mentorship from Business and Technology and free Infrastructure Facilities in the Innovation Centre.
• A monthly stipend will be provided for the deserving candidates in order to reduce the burden on the incubatee.

Application Procedure

The Interested applicant or team can visit the nearest SBI Bank to apply for the SBI-FIIP. Then the applicant has to get the FIIP application form from the relevant office and have to fill out the application form with all requested details in a prescribed format. After completing, attach the specified records along with the application form. The concerned official will process the request further.

The application form can be downloaded from the official website of SBI. The application form is reproduced below in the PDF format for your ready reference.

Fintech_Innovation_Incubation_FORM

The shortlisted applicants will have to make a presentation on their idea to the Selection Board of Bank as per the decision of the Bank. Upon selection of the applicant’s idea or solution, the incubatee will be assigned an incubation mentor to assist the incubatee. Then incubatee must prepare a report of the project by covering all the details of Scope, Timeline and milestones along with the details of expenses and infrastructure.