Asian Development Bank Funds $23 Million Loan For Fintech Education, Innovation At Gujarat's GIFT City

Asian Development Bank Funds $23 Million Loan For Fintech Education, Innovation At Gujarat's GIFT City

This transformative initiative underscores the growing prominence of GIFT City as a hub for fostering financial services and nurturing local startups, marking a pivotal step towards catalyzing innovation and entrepreneurship in the region.

Melvyn ThomasUpdated: Thursday, February 22, 2024, 09:14 PM IST
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Surat, February 22: In a significant move to bolster India's fintech ecosystem, the Asian Development Bank (ADB) has sanctioned a $23 million loan aimed at advancing fintech education, research, and innovation within the Gujarat International Finance Tec-City (GIFT). This transformative initiative underscores the growing prominence of GIFT City as a hub for fostering financial services and nurturing local startups, marking a pivotal step towards catalyzing innovation and entrepreneurship in the region.

The Asian Development Bank (ADB) has greenlit a $23 million loan to elevate the stature of Gujarat International Finance Tec-City (GIFT) as a premier destination for fintech education, research, and innovation. Established as India's maiden international financial services center, GIFT City has emerged as a dynamic ecosystem conducive to nurturing startups and fostering financial services innovation.

International Fintech Institute To Be Set Up In GIFT City

The ambitious project, facilitated by the ADB loan, aims to establish an inclusive, sustainable, and climate-resilient International Fintech Institute (IFI) within the confines of GIFT City. In collaboration with renowned global institutions and universities, the IFI will offer comprehensive fintech training programs meticulously aligned with industry best practices and international standards, ensuring a robust talent pipeline for the burgeoning fintech sector.

A key focus of the IFI will be to empower women-led startups through dedicated incubation and acceleration services, thereby fostering a culture of innovation and entrepreneurship. By forging strategic partnerships with industry stakeholders and venture capital firms, the institute will catalyze the growth trajectory of fintech startups, providing them with the requisite mentorship and resources to thrive in a competitive landscape.

Aims Of ABD-Backed Programme

Moreover, the ADB-backed programme will spearhead research initiatives aimed at exploring innovative solutions and technologies in critical areas such as climate fintech, regulatory technology, and social inclusion. By championing gender equality in finance and fostering social inclusion, the project aims to amplify the positive impact of fintech innovations across diverse segments of society.

Additionally, the initiative seeks to establish a robust fintech readiness index, providing stakeholders with valuable insights into the evolving landscape of financial technology adoption. Through concerted efforts to develop novel solutions tailored to emerging technologies, the project is poised to fuel India's transition towards a digitally inclusive and technologically empowered financial ecosystem.

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