New Delhi: The Asian Development Bank (ADB) will provide a $23 million loan to enhance access to quality financial technology (fintech) education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City).
The ADB programme will support research on innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality in finance. The project will help establish a state fintech readiness index and develop new solutions to emerging technologies.
The project will also establish an International Fintech Institute (IFI) to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation.
“The project’s emphasis on market-driven fintech skills programmes, creating an enabling environment for private sector investment and enhancing collaboration between industry, skills development institutes and development partners will promote holistic growth of fintech ecosystem in India,” said Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission.
The IFI, set to be established in partnership with globally reputed institutes and universities, will offer industry-aligned financial technology training programmes that meet international standards. The institute will strengthen innovation and entrepreneurship by supporting startups, especially women-led, through incubation and acceleration services. It will also collaborate with industry and venture capital funds to support the growth of fintech startups.
These interventions will contribute to enhanced employment opportunities, workforce competitiveness, and productivity in new and green technologies, the Ministry of Finance said today.
The Government of India and the ADB today signed the loan agreement. The signatories to the loan agreement for promoting research and innovation through the development of IFI at GIFT-City Project were Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission, for ADB.
GIFT City is an initiative of the Government of India and the State Government of Gujarat to foster India’s financial services and financial technology ecosystem.
– global bihari bureau
