Japanese financial holding company Nomura announced on Wednesday (April 19) that it has launched a collaborative project in India to develop solutions in fintech.
The project, labeled as "Voyager- Nomura Fintech Partnership", will enlist entrepreneurs to develop creative solutions for the firm's capital markets and investment banking divisions.
Audit and financial services firm PricewaterhouseCoopers (PwC), along with technology giants Google, IBM, and Amazon have been brought on board as collaborators for the project.
The Voyager program will be conducted through the Nomura Innovation Centre (NICe) based in the Powai region of Mumbai, where potential start-up projects will be selected.
Entrepreneurs establishing a start-up in NICe would have access to Nomura's resources and would be able to harness the firm's people, processes, and technology to test their services. Successful start-up firms, along with gaining global exposure, could also win Nomura as a potential client or investor.
"Nomura has already gained momentum in FinTech with the launch of Financial Innovation Office globally, an accelerator program in Japan, and the establishment of N-Village, a wholly owned subsidiary, to promote new business development and open innovation", said Yo Akatsuka, Senior Managing Director, Innovations, Nomura Holdings, Inc.
"We also plan to create a new 10 billion yen fund to provide financial support to start-ups. The Voyager initiative in India is a further sign of our commitment to engage with start-ups and encourage financial innovation."
India has recently gained global recognition as a potential fintech hub. UK Chancellor of the Exchequer Phillip Hammond had organized a 'heavyweight' trade delegation with Bank of England Governor Mark Carney to India earlier this month.