Indian Institute of Technology Madras (IIT Madras) and Computer Age Management Services (CAMS) have expanded their FinTech Innovation Lab through a new Memorandum of Understanding signed on August 12, 2026. The renewed partnership extends the lab's mandate beyond its initial 2022 establishment, focusing on emerging areas such as artificial intelligence in financial services, digital payments, blockchain, tokenisation, cybersecurity, Regulatory Technology, WealthTech, InsurTech, digital lending, data analytics and financial inclusion. As per Business Standard, the agreement was signed at the IIT Madras campus by leadership teams from both organizations, with CAMS emphasizing that "organisations that have spent decades serving an industry develop deep expertise, but some of the most transformative ideas often emerge from outside conventional boundaries. They come from researchers questioning accepted models, students bringing fresh perspectives and innovators experimenting with new technologies."
The CAMS IIT Madras FinTech Innovation Lab (CIFIL) was established in 2022 through a collaboration between IIT Madras and CAMS as part of its CSR Initiatives. As reported by Business Standard, the lab was designed to bring together CAMS' expertise in financial technology and financial services with IIT Madras' academic and research capabilities to promote innovation in the BFSI sector. Prof V Kamakoti, Director of IIT Madras, noted that the partnership leverages the institute's research excellence and CAMS' deep industry expertise to build cutting-edge fintech solutions for Bharat's financial ecosystem. Prof M. Thenmozhi, Head of the CIFIL and Professor at the Department of Management Studies, IIT Madras, stated that the vision is to emerge as a global centre for innovation and research in FinTech, co-creating solutions for unsolved problems in the sector. The expanded CIFIL will concentrate on several strategic pillars to drive innovation in the Banking, Financial Markets, and Financial Services (BFSI) sector.
A key focus going forward will be strengthening support for fintech startups and entrepreneurs through CIFIL's expanded initiatives. The lab will provide access to technical and faculty expertise, mentoring, industry networks, validation support, research collaborations and innovation challenges. CIFIL will seek to connect promising startups with relevant industry opportunities and enable them to develop solutions addressing real-world challenges in financial services. Since its inception in 2022, CIFIL has supported multiple fintech research projects, conducted national hackathons with industry participation, mentored startups through incubation and pre-incubation initiatives, and developed executive education programmes. The lab has established collaborations with banks, regulators, and industry partners, contributing to innovation across digital payments, AI, blockchain, cybersecurity, and wealth management.
In its next phase, CIFIL will 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 expanded CIFIL will concentrate on several strategic pillars to drive innovation in the BFSI sector: Research & IP Development - expanding research portfolio, developing intellectual property, facilitating technology transfer and commercialising research-led solutions; Startup Support - providing technical expertise, mentoring, industry networks, validation support and connecting startups with industry opportunities; Talent Development - offering internships, hackathons, expert interactions, and startup mentoring to students for practical exposure to fintech challenges; and Professional Education - launching Professional Certificate Programme in FinTech and Certificate Programme in Personal Financial Planning for working professionals and entrepreneurs.
The lab will work towards expanding its research portfolio, developing intellectual property, facilitating technology transfer and creating opportunities for commercialisation of research-led solutions. These comprehensive initiatives are designed to strengthen the partnership's impact on India's fintech innovation landscape and support the country's digital financial transformation efforts. For industry partners, the lab offers a platform to collaborate with IIT Madras faculty and researchers on business and technology challenges, evaluate emerging technologies, develop proofs-of-concept, and undertake applied research. The partnership aims to provide students with practical exposure through research projects, internships, hackathons, expert interactions and startup mentoring, while expanding talent development initiatives. This track record demonstrates a sustained commitment to bridging the gap between academic research and practical financial service applications, positioning the lab as a key driver in India's fintech evolution.
CAMS and IIT Madras are expanding their talent development initiatives through professional education programs, including a Professional Certificate Programme in FinTech and a Certificate Programme in Personal Financial Planning. These programmes are designed for working professionals, entrepreneurs, researchers, students and aspiring fintech leaders to gain insights into emerging technologies and financial services models. Participants who successfully complete the Professional Certificate Programme in FinTech and meet the academic requirements will receive a Professional Certificate from CODE, IIT Madras, through CIFIL. The programmes provide exposure to emerging technologies, industry use cases, and evolving financial services models. The lab provides a platform for industry partners to collaborate with IIT Madras faculty and researchers on business and technology challenges, creating an intersection between industry expertise and academic exploration.
