National, February 10, 2022: Addressing the increasing need of financial literacy and supporting India’s vision of becoming a $5 trillion economy, Fintso, a B2B2C fintech platform has partnered with FinX, a leading ed-tech firm, focusing on employability and training in the BFSI space to create 10,000 new entrepreneurial Independent Financial Product Provider (IFPPs) by 2025. The program will embark the students on a journey to become financially independent with necessary support and assistance from industry leaders. The pilot program will commence with 500 students across the length and breadth of the country.
With only 1 financial product provider for every 17,000 citizens in India, the program 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.
Speaking on the program, Mr. Rajan Pathak, Co-founder and Managing Director of Fintso, said, “There is a direct correlation between the geographical distribution of Mutual Fund AUM, and presence of independent financial advisors (IFA)/MFDs. Today, retail investors in smaller markets require a high touch model and a trustworthy face. We believe the program will give students a viable career option, driving towards the larger goal of creating financial inclusivity in the country.”
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 program 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.
Mr. 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 program, the students will have a career as a Financial Product Provider of multiple financial products, (both domestic & international, debt & equity, from widely available solutions to tailor made solutions) with the tools required to fully cater to all the needs of their clients.