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ADB injects $23 million into Gujarat’s GIFT city
This financial boost is poised to invigorate operations at the Gujarat International Finance Tec-City (GIFT)
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ADB injects $23 million to propel fintech advancements in India / Image: LinkedIn
In a strategic move to supercharge India’s fintech ecosystem, the Asian Development Bank (ADB) has approved a US$23 million loan to catalyse fintech education, research, and innovation initiatives in the country.
According to a release by ADB this financial boost is poised to invigorate operations at the Gujarat International Finance Tec-City (GIFT), an enclave dedicated to driving fintech progress in India. The funds will be used to amplify GIFT city’s support for local startups and fortify fintech competencies, the release stated.
An International Fintech Institute (IFI) nestled within GIFT’s precincts will be established to realize these goals. “In partnership with globally reputed institutes and universities, the IFI will offer fintech training programs which are aligned with industry and international standards,” the release said.
“The institute will strengthen innovation and 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,” it added.
ADB economist Kanupriya Gupta underscored the pivotal role of India’s burgeoning fintech sector in revolutionising business landscapes, fostering economic growth, and enhancing future preparedness. Gupta affirmed ADB’s commitment to bolstering fintech education, ensuring enhanced accessibility to digital and financial services in the foreseeable future.
Furthermore, the ADB-backed program will fuel groundbreaking research endeavours delving into innovative solutions across various fintech domains ranging from climate fintech to regulatory technology.
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