The Asian Development Bank (ADB) has sanctioned a $23 million loan to boost access to high-quality fintech education, research, and innovation at Gujarat International Finance Tec-City (GIFT) in India.
GIFT, a government-owned enterprise, aims to foster fintech ecosystems and financial services in India. It serves as the nation’s inaugural international financial services center and has emerged as a thriving hub for nurturing local startups.
ADB Economist Kanupriya Gupta highlighted the transformative impact of India’s fintech industry on business practices, economic growth, and future readiness. The ADB’s support aims to fortify fintech education, ensuring enhanced efficiency and accessibility of digital and financial services in the country.
The project involves establishing an inclusive, sustainable, and climate-resilient International Fintech Institute (IFI) within GIFT. Collaborating with renowned global institutes and universities, the IFI will provide fintech training programs aligned with industry and international standards. It will also bolster innovation and entrepreneurship by offering incubation and acceleration services to startups, particularly those led by women. Furthermore, the institute will engage with industry stakeholders and venture capital funds to foster the growth of fintech startups.
ADB’s initiative will facilitate research on innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality in finance. Additionally, it will contribute to establishing a state fintech readiness index and devising new approaches to emerging technologies.
ADB’s commitment to fostering prosperity, inclusivity, resilience, and sustainability in Asia and the Pacific aligns with its ongoing efforts to eradicate extreme poverty. Established in 1966, ADB counts 68 members, with 49 from the region.