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Government of India and ADB Ink $23 Million Deal to Bolster Fintech Sector in India

New Delhi: The Government of India and the Asian Development Bank (ADB) have officially sealed a $23 million loan agreement aimed at enriching the landscape of fintech education, research, and innovation at Gujarat International Finance Tec-City (GIFT-City).

Representatives, Juhi Mukherjee from the Department of Economic Affairs, Ministry of Finance, for the Government of India, and Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission, signed the loan agreement for the Promoting Research and Innovation through Development of Fintech Institute at GIFT-City Project.

GIFT City stands as a joint initiative of the Government of India and the State Government of Gujarat, intended to nurture the financial services and fintech environment in India.

Following the signing ceremony, Ms. Mukherjee highlighted the project’s goal of establishing an International Fintech Institute (IFI) to reinforce fintech education, elevate startup success rates, and propel fintech research and innovation.

Vasudevan emphasized the project’s focus on market-oriented fintech skills programs, facilitating private sector investment, and fostering collaboration among industry stakeholders, skills development institutes, and development partners to foster comprehensive growth of India’s fintech ecosystem.

The IFI, formed in collaboration with globally renowned institutes and universities, will provide industry-aligned fintech training programs meeting international standards. It will bolster innovation and entrepreneurship by extending support to startups, particularly those led by women, through incubation and acceleration services. Additionally, it will engage with industry and venture capital firms to nurture the expansion of fintech startups.

These initiatives are poised to bolster employment prospects, enhance workforce competitiveness, and boost productivity in emerging and environmentally sustainable technologies.

The ADB initiative will underpin research on innovative solutions and technologies encompassing climate fintech, regulatory technology, social inclusion, and gender equality in finance. Furthermore, the project will facilitate the creation of a state fintech readiness index and devise novel solutions for emerging technologies.

Tags: BFSI