Step Towards Spreading Financial Inclusion
MUMBAI, Feb 10 (The CONNECT) – Addressing the increasing need of financial literacy B2B2C fintech platform Fintso has partnered with ed-tech firm FinX to create 10,000 new entrepreneurial Independent Financial Product Provider (IFPPs) by 2025. The pilot programme will embark the students on a journey to become financially independent with necessary support and assistance from industry leaders. It will commence with 500 students across the length and breadth of the country.
With only one financial product provider for every 17,000 citizens in India, the programme will aid the urgent need of bridging the gap and strengthening the IFPPs to bring retail investors into the mainstream economy, while also creating micro-entrepreneurs in India. The program will allow them to start a business in a high growth area with limited capital, and active assistance at the very start of their journey.
According to Rajan Pathak, Co-founder and Managing Director of Fintso, there is a direct correlation between the geographical distribution of Mutual Fund AUM, and presence of independent financial advisors. Today, retail investors in smaller markets require a high touch model and a trustworthy face. We believe the programme will give students a viable career option, driving towards the larger goal of “creating financial inclusivity in the country,” he said.
The unique program includes full sponsorship for the training, fees for regulatory NISM V-A Certification, AMFI registration fees, along with internship stipend for three months. The programme will offer students with online access to the curriculum on a Learning Management System, lectures by industry leaders through industry interactions and access to the new-age Fintso platform to develop their financial advisory practice for one year.
Himanshu Vyapak, Founder of FinX, said, “India has one of the largest pools of job seekers. For India to become a $5 trillion economy, we need a mindset shift of young Indians to become job creators rather than job seekers. Financial entrepreneurship is a great career path as it is knowledge-based and requires no capital to get started. More importantly, the financial success of IFPPs is directly related to the wealth creation of their clients.”
Post the completion of the programme, the students will have a career as multiple Financial Product Providers with the tools required to fully cater to all the needs of their clients.