Global investment bank and financial giant Nomura will invest in Indian FinTech startups using its new $100 million fund as a part of a collaborative project with the likes of Google, IBM, Amazon and PwC.
Tokyo-based Nomura, a financial holding company and investment bank, has announced [PDF] the ‘Voyager-Nomura FinTech partnership’ in India, focusing on tapping into the burgeoning innovative developments in mid and high-growth stage FinTech startups in the country.
The program sees the Japanese financial institution welcoming Indian startups to build and develop solutions specifically in capital markets and investment banking. Nomura ultimately sees these new solutions deployed across the firm in the multitude of markets it operates in.
Technology partners collaborating with the Japanese institution include Google, IBM and Amazon Internet Services, while auditing giant PriceWaterhouseCoopers (PwC) will serve as a knowledge partner.
Selected startups, as a part of the ‘Voyager’ program, will gain access to the Japanese firm’s existing infrastructure and technology at the Nomura Innovation Center (NICe), established in India’s industrial capital of Mumbai.
The Japanese firm is backing startups with ‘N-Village’, a subsidiary that will oversee a new 10 billion yen ($100 million) fund to provide financial support to startups.
The investments made will be relevant to possible applications the firm’s global operations, revealed FinTech lead and executive director at Nomura India. Notably, the fund will keep away from the usual equity-for-inestment returns.
“The Voyager initiative in India is a further sign of our commitment to engage with start-ups and encourage financial innovation,” stated Nomura Holdings executive Yo Akatsuka.
The accelerator-creator platform has started accepting applications on Wednesday and will end on May 19. Shortlisted startups will be required to share a Proof of Concept pitch by late August 2017 before finalized startups participate in the Voyager’s FinTech accelerator program.
As a leading technology development hub, Indian startups are seeing an increasing number of accelerator programs and investment opportunities in the FinTech space. Earlier this week, the operator of one of India’s largest retail chains announced a $15.5 million accelerator fund to support technology startups in development of technologies such as blockchain.
A UK-delegation led by Chancellor Philip Hammond this month included the Bank of England governor Mark Carney alongside a number of leaders from UK-based FinTech firms as a part of a convoy to strengthen FinTech ties with India.
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