ADB Approves $23 Million Loan For Fintech Development In Gujarat

ADB Approves $23 Million Loan For Fintech Development In Gujarat

ADB Economist Kanupriya Gupta emphasized the transformative impact of India's fintech industry.

ANIUpdated: Friday, February 23, 2024, 03:43 PM IST
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ADB (Representative) | Image: Wikipedia

The Asian Development Bank (ADB) has greenlit a USD 23 million loan to foster the growth of fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India.

According to ADB, Gujarat International Finance Tec-City (GIFT), a state-owned enterprise, serves as a cornerstone for nurturing fintech ecosystems and financial services within India.

ADB Economist Kanupriya Gupta emphasized the transformative impact of India's fintech industry on business operations, economic prosperity, and future readiness.

The age of fintech

Gupta underscored ADB's commitment to strengthening fintech education to enhance the efficiency and accessibility of digital and financial services across India. Gupta said, "The development of India's fintech industry has transformed how people do business, contributed to economic growth, and prepared the country for the future. ADB's assistance will help strengthen the country's fintech education to ensure that digital and financial services become more efficient and accessible in the future." The ambitious project spearheaded by ADB will see the establishment of an inclusive, sustainable, and climate-resilient International Fintech Institute (IFI) within GIFT's premises.

ADB fostering innovation

The IFI, in collaboration with renowned global institutes and universities, will offer cutting-edge fintech training programs aligned with industry standards and international best practices.

A key focus of the institute will be on nurturing innovation and entrepreneurship, with a particular emphasis on supporting women-led startups through tailored incubation and acceleration services.

Additionally, the IFI will forge strategic partnerships with industry stakeholders and venture capital funds to facilitate the growth and scalability of fintech startups.

In line with ADB's commitment to fostering research and innovation, the program will channel resources towards exploring innovative solutions and technologies in various domains, including climate fintech, regulatory technology, social inclusion, and gender equality in finance.

ADB's role in Asia-Pacific

The initiative will also entail the development of a state fintech readiness index to gauge the ecosystem's preparedness and identify areas for improvement.

ADB's unwavering dedication to promoting prosperity, inclusivity, resilience, and sustainability in the Asia-Pacific region underscores its broader mission to eradicate extreme poverty and foster sustainable development. With a membership comprising 68 nations, 49 of which are from the region, ADB remains steadfast in its pursuit of catalyzing positive change and driving economic progress across the region.

As the fintech ecosystem continues to evolve and expand, ADB's intervention is poised to serve as a catalyst for driving innovation, fostering entrepreneurship, and unlocking new avenues for economic growth and financial inclusion in Gujarat and beyond. 

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