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 * Fintech
 * 2 min read


INDIA SIGNS $23 MN LOAN AGREEMENT WITH ADB TO STRENGTHEN FINTECH ECOSYSTEM IN
GIFT-CITY

The loan agreement envisages at Promoting Research and Innovation through
Development of Fintech Institute at GIFT-City Project. The project will help
establish a state fintech readiness index and develop new solutions to emerging
technologies.
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V
 * Vikas Kumar ,
 * ETBFSI

 * Updated On Mar 14, 2024 at 07:54 PM IST

Read by: 100 Industry Professionals
Read by 100 Industry Professionals

The Union Government has signed a $23 million loan agreement with the Asian
Development Bank (ADB) on Thursday with an aim to boost the access to quality
Fintech education, and innovation at the Gujarat International Finance Tec-City
(GIFT-City).

The loan agreement envisages at Promoting Research and Innovation through
Development of Fintech Institute at GIFT-City Project.

According to the information shared by the Ministry of Finance, the ADB
programme will support research on innovative solutions and technologies in
climate fintech, regulatory technology, social inclusion, and gender equality in
finance.



Advt


The project will help establish a state fintech readiness index and develop new
solutions to emerging technologies.

Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of
Finance, was the signing authority for the Government of India.

She said that this project will establish an International Fintech Institute
(IFI) to strengthen fintech education, boost start-up success rates, and drive
fintech research and innovation.

The ADB was represented by Rajesh Vasudevan, Officer-in Charge of ADB’s India
Resident Mission.

“The project’s emphasis on market-driven fintech skills programmes, creating
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 Vasudevan.



The IFI, set to be established in partnership with globally reputed institutes
and universities, will offer industry-aligned fintech training programmes that
meet international standards.

The institute will strengthen innovation and entrepreneurship by supporting
startups, especially women-led, through incubation and acceleration services,
Ministry of Finance said in a statement.

It will also collaborate with industry and venture capital funds to support the
growth of fintech startups, it added.

These interventions will contribute to enhanced employment opportunities,
workforce competitiveness, and productivity in new and green technologies.


Advt


Further, the project will help establish a state fintech readiness index and
develop new solutions to emerging technologies.

GIFT City is aiming to become India's first international financial hub, with
over 500 companies already operating there.

According to the Global Financial Centres Index 2023, GIFT City is now ranked at
number 67.








   
 * By Vikas Kumar ,
 * ETBFSI

   
 * Published On Mar 14, 2024 at 07:54 PM IST
   


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