The Government of India and the Asian Development Bank (ADB) have inked a significant $23 million loan agreement aimed at advancing access to top-tier fintech education, research, and innovation within the Gujarat International Finance Tec-City (GIFT-City).
The agreement for the ‘Promoting Research and Innovation through Development of Fintech Institute at GIFT-City Project’ was formalized by Juhi Mukherjee, Joint Secretary of the Department of Economic Affairs, Ministry of Finance, representing the Government of India, and Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission, representing the ADB.
GIFT City stands as a collaborative effort between the Government of India and the State Government of Gujarat, conceived to bolster India’s financial services and fintech landscape.
Mukherjee highlighted the project’s pivotal role in establishing an International Fintech Institute (IFI) geared towards fortifying fintech education, elevating startup success rates, and propelling fintech research and innovation. She emphasized that the project’s focus on market-driven fintech skills development, facilitating an investment-friendly atmosphere for the private sector, and fostering collaboration among industry players, skills development institutes, and partners, will catalyze the comprehensive growth of India’s fintech ecosystem.
Vasudevan echoed these sentiments, stating, ‘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.’
The IFI, slated to be established in partnership with globally acclaimed institutes and universities, will provide industry-aligned fintech training programmes benchmarked to international standards. The institute’s mandate includes fortifying innovation and entrepreneurship by offering support services such as incubation and acceleration, particularly targeting women-led start-ups. Moreover, it will engage in collaborations with industry stakeholders and venture capital funds to nurture the expansion of fintech start-ups.
These strategic initiatives are poised to bolster job opportunities, enhance workforce competitiveness, and drive productivity in emerging fields such as new and green technologies.
Under the ADB programme, substantial focus will be placed on research spanning innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality within finance. The project aims to establish a state fintech readiness index and develop novel solutions geared towards emerging technologies.
