Govt inks pact for $23 mn ADB loan to strengthen fintech ecosystem in India

Prameyanews English

Published By : Prameya News Bureau | March 14, 2024 IST

Asian Development Bank

New Delhi, March 14: The Government of India and the Asian Development Bank (ADB) on Thursday signed a $23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City).

GIFT City is an initiative of the Central Government and the Gujarat Government to foster India’s financial services and fintech ecosystem.

The loan agreement provides for the setting up an International Fintech Institute (IFI) to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation, the Finance Ministry said.

The IFI, set to be established in partnership with globally reputed institutes and universities, will offer industry-aligned fintech training programmes that meet 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.

These interventions will contribute to enhanced employment opportunities, workforce competitiveness, and productivity in new and green technologies.

The ADB programme 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.

(IANS)

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