The government and the Asian Development Bank (ADB) inked a $23 million financing deal on Thursday to improve access to excellent fintech education, research, and innovation at the Gujarat International Finance Tec-City.
GIFT City is a joint project of the Centre and the Gujarat government to strengthen India's financial services and fintech ecosystem, according to a statement from the finance ministry.
According to the financing deal, 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 the ADB's India Resident Mission.
After signing the agreement, Mukherjee stated that the initiative will build the International Fintech Institute (IFI) to improve fintech education, increase startup success rates, and promote fintech research and innovation.
The project's emphasis on market-driven fintech skills programmes, creating an enabling environment for private sector investment, and improving collaboration between industry, skill development institutes, and development partners will promote the holistic growth of India's fintech ecosystem, according to Vasudevan.
The IFI, which will be formed in collaboration with globally renowned institutes and colleges, will provide industry-specific fintech training programs that satisfy international standards.
The center aims to boost innovation and entrepreneurship by providing incubation and acceleration services to busnesses, particularly those headed by women. It will also work with industry and venture capital funds to foster the growth of fintech businesses.
These actions will help to increase job prospects, workforce competitiveness, and productivity in emerging and green technology.
