MARCH 20259INDIA AND FRANCE PARTNER TO ESTABLISH LIFE SCIENCES INNOVATION HUBDPIIT SIGNS MOU WITH PAYTM TO SUPPORT FINTECH AND MANUFACTURING STARTUPSThe Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with Paytm (One97 Communications Limited) to promote innovation and speed up the development of fintech and manufacturing startups in India.The Centre for Cellular and Molecular Platforms, India's leading science and technology innovation center in life sciences, has signed an agreement to establish a collaborative innovation initiative in healthcare called As per DPIIT, this partnership aims to offer crucial assistance to entrepreneurs, allowing them to expand their enterprises and strengthen India's status as a worldwide leader in innovative financial technologies.Through this collaboration, Paytm will provide guidance, infrastructure assistance, market access, and funding opportunities, especially for startups in the fintech hardware industry.The partnership between DPIIT and Paytm emphasizes mentorship and innovation support, regulatory and compliance guidance, as well as infrastructure and market access assistance.As a component of its Paytm for Startups program, the company will launch specialized initiatives to assist fintech hardware producers, such as Soundbox and PoS/EDC device manufacturers, facilitating effective growth.These efforts will feature mentorship schemes for fintech hardware startups, funding access via investor networks and incubation programs, guidance on regulations, industry-specific workshops, and tracking and impact evaluation through regular progress reports.Furthermore, via its CSR division, Paytm Foundation, the organization is fostering deep-tech startups in Climate Tech, Web3, Agritech, and Mobility. the Indo-French Life Sciences Sister Innovation Hub with PariSanté Campus, a prominent digital health innovation hub in France.Following in-depth conversations, both parties pinpointed two key areas of focus ­ One Health and Digital Health Technologies. The goal is to facilitate specific innovative solutions from one region to address issues affecting another. The goal is to cultivate connections between the two hubs to improve science-driven entrepreneurship, research, academic institutions, and businesses by utilizing one another's ecosystems.Prime Minister Narendra Modi and President Emmanuel Macron have officially declared their partnership in a joint communiqué during bilateral discussions at the Paris AI Summit.The LOI was endorsed by Dr. Saiyed and Pr. Antoine Tesnière, director of PariSanté Campus. The main emphasis of the LoI continues to be the agreement to collaboratively support research and innovative solutions in a bilateral way. This is more important as it would, for the first time, foster deeper collaboration between the two nations to overcome obstacles towards achieving the significant objective of addressing challenges in the essential UNSDG realm of healthcare.
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