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Nomura Holdings Inc. has selected information technology startups in India to build innovative solutions for capital markets and investment banking, according to the firm’s Indian arm.

Eight startups have been chosen from among over 150 global applicants through a 10-week Fin Tech Partnership collaboration program by Mumbai-based Nomura Services India Pvt. A majority of the candidates are Indian firms.

“Our main focus is to look at a co-creation model where we provide the domain expertise and the startups support us with the technology to identify new opportunities and solve banking industry pain points,” said Nikhil Mehta, executive director and head of Nomura’s fintech initiatives in India.

Mehta said Nomura would also consider the potential to invest on a selective basis “to identify new opportunities and solve structural pain points” while startups are also seeking a banking partner.

Yo Akatsuka, senior managing director of Nomura Holdings, said, “Rapidly evolving technologies are transforming the way we operate, and this wave of technological disruption is poised to reshape the industry.”

During the Nasscom Product Conclave, India’s largest product showcase to the world, in Bengaluru in the southwestern state of Karnataka earlier this month, companies such as Denso Corp., Hitachi Ltd. and Murata Manufacturing Co. expressed interest in forging alliances with Indian IT firms, particularly in the areas of internet of things and artificial intelligence.

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