Surat: The Government of India and the Asian Development Bank (ADB) have sealed a $23 million loan agreement to secure the fintech landscape in India. This agreement targets increasing access to top-tier fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City).
GIFT City, an initiative jointly led by the Indian Government and the Gujarat State Government, aims to cultivate India’s financial services and fintech sector.
Juhi Mukherjee, representing the Department of Economic Affairs, Ministry of Finance, signed on behalf of the Government of India, while Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission, signed for ADB.
Mukherjee revealed that the project will establish an International Fintech Institute (IFI). The IFI will be established in collaboration with renowned global institutes and universities. It will offer fintech training programs that align with today’s industry standards. It will support innovation and entrepreneurship by providing incubation and acceleration services to startups, particularly the ones led by women.
Vasudevan said, “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 the fintech ecosystem in India.”
The institute will also engage with industry players and venture capital funds to contribute to the growth of fintech startups. These initiatives are expected to increase employment opportunities, enhance workforce competitiveness, and drive productivity in emerging and sustainable technologies.
The ADB program will back research on innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality in finance. It will facilitate the establishment of a state fintech readiness index and the development of novel solutions for emerging technologies.
