The Indian government and the Asian Development Bank (ADB) finalized a loan agreement worth USD 23 million on Thursday to bolster access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT City). GIFT City, an initiative jointly undertaken by the Centre and the Gujarat government, aims to nurture India’s financial services and fintech ecosystem, stated the finance ministry.
Under the terms of the agreement, a fintech institute will be established at GIFT City. The agreement was signed by Finance Ministry Joint Secretary Juhi Mukherjee and Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission.
Mukherjee highlighted that the project will give rise to the International Fintech Institute (IFI), dedicated to enhancing fintech education, supporting startup growth, and driving fintech research and innovation. Vasudevan emphasized the project’s focus on market-driven fintech skill development, fostering an environment conducive to private sector investment, and fostering collaboration among industry stakeholders, skills development institutes, and development partners to foster comprehensive growth of the fintech ecosystem in India.
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The IFI, established in collaboration with renowned global institutes and universities, will provide fintech training programs aligned with industry needs and international standards. The institute will also promote innovation and entrepreneurship by offering incubation and acceleration services to startups, with a special emphasis on women-led ventures. Additionally, it will partner with industry players and venture capital firms to support the growth of fintech startups.
These initiatives are expected to create more employment opportunities, enhance workforce competitiveness, and boost productivity in emerging and sustainable technologies.