The Asian Development Bank (ADB) has announced recently that it approved a $23 million loan to enhance access “to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India.”
As stated in a blog post, GIFT is a state-owned enterprise that has been “established to promote and cultivate fintech ecosystems and financial services in India.”
According to the update, it is the country’s “first” international financial services center and has become a fast-growing area “for helping and developing local startups.”
Asia Development Bank Economist Kanupriya Gupta said:
“The development of India’s fintech industry has transformed how people do business, contributed to economic growth, and prepared the country for the future. ADB’s assistance will help strengthen the country’s fintech education to ensure that digital and financial services become more efficient and accessible in the future.”
The project will aim to construct “an inclusive, sustainable, and climate-resilient international fintech institute (IFI) inside the GIFT.”
In partnership with globally reputed institutes and academic universities, the IFI will be expected to “offer fintech training programs which are aligned with industry and international standards.”
The institute will be focused on strengthening innovation as well as entrepreneurship by “supporting startups, especially women-led, through incubation and acceleration services.”
It will also collaborate “with industry and venture capital funds to support the growth of fintech startups.”
The ADB program will aim to “support research on innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality in finance.”
The project will help establish “a state fintech readiness index and develop new solutions to emerging technologies.”
ADB explains that it is “committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.”
Established back in 1966, it is reportedly “owned by 68 members—49 from the region.”