CHENNAI: IIT Madras and Computer Age Management Services (CAMS) on Wednesday renewed their partnership to expand fintech innovation, research, startup development and professional education through the CAMS IIT Madras FinTech Innovation Lab (CIFIL).

A new MoU was signed at the IIT-M campus, marking the next phase of a collaboration launched in 2022 under the CSR programme.

CIFIL will now focus on emerging areas including AI in financial services, digital payments, blockchain and tokenisation, cybersecurity, regulatory technology, WealthTech, InsurTech, digital lending, data analytics and financial inclusion. The lab will also expand research and develop intellectual property, facilitate technology transfer and support commercialisation of research-led solutions. It will strengthen support for fintech startups through mentoring, faculty expertise, industry networks, research collaborations and innovation challenges.

“CIFIL was established to create this intersection between industry experience and academic exploration,” CAMS managing director Anuj Kumar said. “The renewed partnership will foster an environment where ideas could become solutions for the financial services ecosystem.”

IIT-M director V Kamakoti said, “The collaboration can accelerate the development of cutting-edge fintech solutions for Bharat's financial ecosystem. Students will gain through research projects, internships, hackathons, expert interactions and startup mentoring.”

CIFIL will offer certificate programmes in FinTech and personal financial planning. M Thenmozhi, head CIFIL, said: “The lab aims to emerge as a global centre for fintech innovation and develop ventures addressing unresolved challenges in banking, financial markets and financial services.”