Noida, Nov 23 (KNN) The Yamuna Expressway Industrial Development Authority (YEIDA) is planning to establish a FinTech Hub in order to attract investments to Uttar Pradesh.

The authority is considering an area of around 350 acres in Sector 9 for the proposed hub which is inspired fr0m leading states Gujarat, Maharashtra and Tamil Nadu.

It will be a dedicated region where many institutions related to the financial sector will be headquartered.

On Monday, YEIDA published the tender to select a consultant to carry out a feasibility study-cum-detailed project report (DPR) for the hub’s development. The last date to submit the bid is December 13; a pre-bid meeting will be held on November 29.

FinTech is a term broadly used to describe emerging technological innovations in the financial services sector, with ever-increasing reliance on information technology. Officials said services such as blockchain, research, digital money, investment, and crowd-funding, among others, will be offered in such a hub.

Dr Arun Vir Singh, CEO, YEIDA said, “It will promote various aspects of ease of doing business. The Uttar Pradesh government’s new FDI policy is definitely going to help implement this plan on the ground. Companies will get land at a subsidised rate, along with other benefits.”

“The hub will facilitate research, innovation and development of new-age skills and create new jobs. It will provide start-ups with an innovative and regulatory sandbox/prototyping ecosystem, mentorship programmes, and a platform to partner with global players and the government,” he said.

YEIDA is currently discussing if it can be the developer, or whether to select a single developer like (we planned for) Film City fr0m outside, or develop the hub through a PPP model or hybrid mode. The consultant is expected to provide the most feasible way forward.

(KNN Bureau)