Govt taps Paytm to mentor fintech startups

Fintech firm Paytm’s parent One97 Communications Ltd has signed an agreement with the government under which it will mentor and offer infrastructure support, market access, and funding opportunities to startups.

The initiative that Paytm has signed with the Department for Promotion of Industry and Internal Trade (DPIIT) “aims to equip entrepreneurs with essential resources, enhancing their ability to develop cutting-edge payment and financial technology solutions.”

The partnership aims to support fintech hardware startups through mentorship and innovation guidance, helping them develop and scale payment and financial technology solutions, DPIIT said in a statement.

The initiative is also expected to lend assistance in regulatory and compliance issues by organizing workshops and providing guidance in collaboration with industry and government bodies.

Additionally, the partnership offers infrastructure and market access support, enabling startups to test, validate, and refine their products while leveraging Paytm’s extensive merchant network, it added.

“By leveraging Paytm’s fintech expertise and infrastructure, we aim to support entrepreneurs in overcoming challenges, scaling their ventures, and contributing to India’s emergence as a global innovation hub,” Sanjiv Singh, joint secretary at DPIIT, said.

“Paytm is committed to empowering entrepreneurs through mentorship, financial support, and access to cutting-edge technology. Through this collaboration, we will ensure that startups receive the necessary tools to succeed from inception to growth,” Vijay Shekhar Sharma, founder and chief executive officer, Paytm, said.