The kartanaka government has allocated Rs 13.24 crores for the centre’s operations over a five-year period. The incubation and acceleration program costs are estimated at Rs 8.19 crores, while Rs 5.04 crores have been allocated for the skilling and training programmes, stated a government release.

The CoE will run a 12-month programme for 20 startups, offering mentorship, industry insights, infrastructure, office space, and networking opportunities to help them grow. The CoE aims to accelerate the growth of fintech in the state by leveraging its thriving entrepreneurial ecosystem, facilitating innovation, and providing extensive support for startups in the financial technology sector.

NSRCEL will lead the CoE as the implementing agency and drive innovation through startup incubation, acceleration, skill development programmes, and sandbox environments for the startups.

Karnataka’s Minister for IT-BT, Priyank Kharge, said the centre will aid in establishing the state as the fintech capital of the country.

"Karnataka's tech ecosystem is taking a significant leap forward as we focus on fostering innovation and entrepreneurship in the dynamic realm of financial technology. By leveraging the domain expertise of IIM-Bangalore alongside comprehensive support for startups, we aim to not only accelerate the growth of fintech ventures but also develop a skilled workforce ready to meet the demands of a digital economy."