The Asian Development Bank (ADB) has approved a $23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India.
GIFT is a state-owned enterprise established to promote and cultivate fintech ecosystems and financial services in India. It is the country’s first international financial services center and has become a fast-growing area for helping and developing local startups.
“The development of India’s fintech industry has transformed how people do business, contributed to economic growth, and prepared the country for the future,” said ADB Economist Kanupriya Gupta. “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 project will construct an inclusive, sustainable, and climate-resilient international fintech institute (IFI) inside the GIFT. In partnership with globally reputed institutes and universities, the IFI will offer fintech training programs which are aligned with industry and international standards.
The institute will strengthen innovation and entrepreneurship by supporting startups, especially women-led, through incubation and acceleration services. It will also collaborate with industry and venture capital funds to support the growth of fintech startups, according to a release by ADB.
The ADB program will support research on innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality in finance. The project will help establish a state fintech readiness index and develop new solutions to emerging technologies.