News Excerpt:
Recently, the GoI and the Asian Development Bank (ADB) 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).
About the GIFT City:
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About the “GoI and ADB Agreement” Project:
- This project will establish an International Fintech Institute (IFI) to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation.
- 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 IFI will strengthen innovation and entrepreneurship by supporting startups, especially women-led, through incubation and acceleration services.
- The IFI will also collaborate with industry and venture capital funds to support the growth of fintech startups.
- The ADB project’s emphasis will be on:
- Market-driven fintech skills programmes.
- Creating an enabling environment for private sector investment and enhancing collaboration between industry,
- Skills development institutes and development partners will promote holistic growth of the fintech ecosystem in India.
About Asian Development Bank:
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Beneficial impacts of the agreement:
- These above 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.
Conclusion:
The agreement between the GoI and ADB to enhance fintech education and innovation at GIFT City is a significant step towards bolstering India's financial services sector. Through the establishment of the International Fintech Institute, the project aims to drive economic growth, promote gender equality, and foster innovation in the fintech ecosystem.