Another achievement adds to the glory of SCMS Pune.
It gives us immense pleasure to congratulate our third year student Joel John who has won a start-up competition organized by Barclays through their startup wing - Rise. Rise Mumbai will provide a physical site for innovative fintech companies, offering a co-working environment, world-class event spaces and meeting rooms. The Mumbai site, located in Peninsula Business Park at Lower Parel.
His concept focused on reduction of migrant remittance fee from 20 percent to 3 percent while ensuring capital mobility in remote regions and affordable foreign exchange rates. He was selected from a pool of 600 candidates, of which 15 were selected to fly to Mumbai last week and 3 were chosen as winners. I receive a prize money of 200,000 Rupees and an offer to build upon the project with assistance from the bank and industry experts in the coming months.
Rise is the world's most prestigious fintech programme with a funding rate of above 90 percent. Start-ups under Rise have raised over 600 crores in the last year alone. What makes it unique is that the organization brings together regulatory bodies, banking authorities and entrepreneurs under one roof - enabling disruption to occur at a much faster pace.