Government and ADB Partner to Boost Fintech Ecosystem in India

80

The Indian government and the Asian Development Bank (ADB) have inked a USD 23 million loan agreement aimed at bolstering access to high-quality fintech education, research, and innovation within the Gujarat International Finance Tec-City (GIFT City) initiative.

GIFT City, a collaborative effort between the Centre and the Gujarat government, seeks to cultivate India’s financial services and fintech ecosystem, as outlined by the finance ministry in a recent statement.

Under the terms of the agreement, a fintech institute will be established within GIFT City. The agreement was formally signed by Finance Ministry Joint Secretary Juhi Mukherjee and Officer-in-Charge of ADB’s India Resident Mission Rajesh Vasudevan.

Mukherjee highlighted the project’s significance in launching the International Fintech Institute (IFI), which aims to fortify fintech education, enhance startup success rates, and foster fintech research and innovation.

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

These initiatives are expected to generate increased employment opportunities, enhance workforce competitiveness, and drive productivity in emerging and sustainable technologies.