JPMORGAN INVESTS IN INDIA: JPMorgan is partnering with the Indian Institute of Management Ahmedabad’s Centre for Innovation, Incubation and Entrepreneurship to open a $9.5 million financial inclusion lab in India, according to PYMNTS. The lab will help fintech startups that focus on helping lower- and middle-income consumers throughout the country by identifying solutions for specific financial challenges those consumers face. The fintechs that develop the best solutions will receive startup capital, assistance with their technical features, and mentoring. JPMorgan is investing $7 million over the next four years in this initiative, marking its largest philanthropic commitment outside of the US. The firm launched its Financial Solutions Lab in 2014, a similar initiative to support the development of fintechs for underserved communities in the US. India represents a significant opportunity for payments firms, and many have been moving in on that opportunity by launching mobile wallets and other digital solutions. But there’s still a major runway for innovation, as only 14% of adults in India make mobile payments weekly, and 6% do so daily, demonstrating a lot of room for new solutions. Investing in startups that can develop these much-needed solutions can give JPMorgan a good look into the space, and set it up for future success if it opts to move into the Indian market through companies in its payments portfolio.


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