The Innovation and Technology Foundation at IIT Bhilai (IBITF) in collaboration with the Indian Institute of Information Technology, Guwahati (IIIT-G) is organising a two day fintech workshop on “Innovation and Emerging Technologies in Fintech for Local and Regional Problems” at IIIT Guwahati today . The aim of the workshop it to foster innovation and entrepreneurship in the Financial Technology area for Northeastern states.

The workshop is held under the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS) and implemented by the Department of Science and Technology (DST) Government of India. The objective of the workshop is to empower faculty members and students from educational institutions to innovate and create solutions that can revolutionize the fintech landscape in the Northeastern region. 

The workshop provides a platform for faculty members and students from various institutes across the Northeastern states to directly engage with the Innovation and Technology Foundation at IIT Bhilai (IBITF). IIIT Guwahati will act as a hub to manage all such activities initiated under this initiative in the northeast.

The initiative aims to identify local challenges through fintech-based solutions. Also, the solutions will be conceptualized taking into account the advantages and limitations of the region and the people. Going forward, the solutions could be funded by IBITF for implementation and overseen by capable faculty members, particularly from the Schedule Tribe community, and can focus on improving the lives of tribal communities.

The workshop witnessed participation of more than 120 students and faculty members of the educational institutes from the entire northeastern region,  including Arunachal Pradesh, Sikkim,  Meghalaya, Assam, Manipur, Tripura, and Mizoram. The highlight of the event was the participation of students and faculty from Tawang and Ziro Valley in Arunachal Pradesh and the discussion on local problems from the regions under the autonomous district councils in Meghalaya, Tripura, Mizoram, and Assam, covered under the Schedule 6 of the Indian Constitution.

The importance of how fintech innovations could pave the way to ensure the last mile delivery of financial services to the tribal people living in the interior areas and villages of Northeastern states was highlighted and the event could be a transformative journey for the region, igniting the flame of innovation and ushering in progress and prosperity.

Some impactful solutions that were discussed for funding during the event includes:

1. Developing a community financing platform based on the popular pre-historic financial management practices prevalent in the tribal communities in Arunachal Pradesh.

The tribal communities of Nyishi, Apatani, Ady, Galo, etc., in Arunachal Pradesh have long employed a community-based financial system known as 'Round' to extend mutual assistance. This enduring practice has persisted being followed among the tribal people since the era of barter trade, predating the use of currency. The practice is still prevalent and successful and continues to effectively provide community-based support to individual members. Leveraging emerging technologies to integrate this traditional knowledge and age-old practice into a formal lending platform has the potential to popularize and replicate it for small communities across India.

 

2. Developing a tech-based platform to streamline the unorganized wage laboureres

The prevalence of informal employment has emerged as a defining characteristic of the labor market in India. The pressing need of the hour is the establishment of a unified platform that facilitates registration, awareness, assistance, and connection with consumers under the purview of government mechanisms. To achieve this, emerging technologies such as blockchain, AI, and machine learning can be harnessed to ensure transparency, trust, and ultimately enhance the income prospects of this marginalized demographic. The solution could be implemented as a prototype in Hill Top, Pasighat, Arunachal to begin with and based on its adoption and success, it could be replicated to other districts and states of the northeast.

3. Empowering Northeastern Artisans: A Blockchain-Powered Marketplace

This initiative seeks to empower Northeastern India's local artisans, manufacturers, and farmers by establishing an e-commerce mobile app-based technology platform. The platform will accommodate an array of products, including tribal art, handicrafts, and staples with high shelf life like high-quality honey. The solution aims to integrate blockchain technology addressing issues related to middlemen exploitation and product authentication, particularly for skilled tribal artisans. The mobile app will feature farmer and artisan profiles, leveraging a secure QR-based information and payment system to eliminate intermediaries. The solution will be implemented in consultation with the stakeholders and pre-launch training workshops are conducted for artisans and farmers to ensure effective adoption and use the platform. Notably, the platform's scalability will allow for marketing various indigenous products from the region, promising substantial improvements in livelihoods for small artisans and farmers. This initiative holds the potential to drive economic growth and sustainability in Northeastern India. The implementation of this solution through a prototype application will initiate from Ri-bhoi and parts of East-Khasi Hills in Meghalaya.

4. Residential Parking Transformation Initiative: Unlocking Urban Potential in Aizawl and Beyond

The Aizawl local administration, in alignment with Mizoram government directives, is embarking on a pioneering endeavor. It offers homeowners the opportunity to convert private spaces within their residential properties into dedicated parking spots. This initiative promises to address a pressing issue for city residents, enhancing the tourism landscape while providing homeowners with an avenue for additional income generation. Moreover, the blueprint holds the potential for replication in other scenic destinations across the northeastern region, particularly in hilly areas, offering a transformative solution to urban congestion and economic revitalization.

5. Rural-Urban Linkage: Empowering Nagaland's Farmers through Organic Pre-Order Vegetable Delivery Services

Initially, the solution will be implemented in the Mon District, Nagaland, bridging the gap between local farmers and their urban customers. This project seeks to provide a platform for connecting these remote farmers with broader markets, ultimately boosting income prospects and expanding their opportunities by facilitating the advertisement and sale of their organic produce. It will allow farmers to showcase their products and inform potential customers about regional product availability. Additionally, it could also provide an avenue for these farmers to sell surplus produce are reduce wastage while improving their income. Empowering far-flung, economically disadvantaged farmers by harnessing technology to connect them with larger towns and cities could promise to not only increase income opportunities but also contribute significantly to local economic growth and livelihood enhancement. By stimulating demand, the project sets the stage for more stable income generation for Nagaland's farmers that could be replicated to other areas in the northeast India.

In the pursuit of fostering innovation and entrepreneurship within the Scheduled Tribe (ST) community, IBITF is poised to take the next crucial steps. Faculty members from the ST community are gearing up to submit formal proposals under the IBITF umbrella. These ideas along with many other impactful proposals will undergo a rigorous two-tier evaluation process, ensuring their merit and potential impact. The final evaluation committee, will consist of distinguished experts hailing from academia, industry, business, and government sectors. This expert panel is set to convene in the last week of September, marking a significant milestone in IBITF's mission to empower the ST community through innovation and entrepreneurship.

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(Release ID: 1955797)