New Delhi, Mar 15 (KNN) The Government of India, in collaboration with the Asian Development Bank (ADB), has taken a significant step towards enhancing access to quality fintech education, research, and innovation.

A USD 23 million loan agreement was signed today to propel the development of the Fintech Institute at Gujarat International Finance Tec-City (GIFT-City).

The agreement, signed by Juhi Mukherjee, Department of Economic Affairs, Ministry of Finance, representing the Government of India, and Rajesh Vasudevan from ADB's India Resident Mission, underscores a joint commitment to fostering India's financial services and fintech ecosystem.

GIFT City, an ambitious initiative of the Indian and Gujarat State governments, aims to become a global hub for financial services and technology.

The newly funded project will see the establishment of an International Fintech Institute (IFI) within GIFT City.

Mukherjee emphasised that the IFI will play a pivotal role in strengthening fintech education, supporting startups, and driving research and innovation.

Vasudevan highlighted the project's focus on market-driven fintech skill development and fostering an environment conducive to private sector investment.

He emphasised the importance of collaboration between industry, skills development institutes, and development partners to promote holistic growth in India's fintech ecosystem.

In partnership with globally reputed institutes and universities, the IFI will offer industry-aligned fintech training programs of international standards.

It will prioritise supporting startups, particularly those led by women, through incubation and acceleration services.

Additionally, collaborations with industry stakeholders and venture capital funds will be instrumental in nurturing the growth of fintech startups.

These initiatives are poised to create a ripple effect, enhancing employment opportunities, workforce competitiveness, and productivity, especially in new and green technologies.

The ADB-supported program will further fuel research in climate fintech, regulatory technology, social inclusion, and gender equality in finance.

It aims to establish a state fintech readiness index and develop innovative solutions to emerging technologies.

(KNN Bureau)