Fintech: ADB approves $23 mn loan to boost education, research in Gujarat
Virendra Pandit
New Delhi: The Asian Development Bank (ADB) on Thursday said it has approved a USD 23 million loan to enhance access to quality financial technology (fintech) education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India and establish an International Fintech Institute (IFI) there.
GIFT is a state-owned enterprise established to promote and cultivate fintech ecosystems and financial services in India. It is the country’s first international financial services center and has become a fast-growing area for helping and developing local startups.
“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 economist Kanupriya Gupta said, according to the media reports.
“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,” he added.
In a statement, ADB said the project will construct an inclusive, sustainable, and climate-resilient International Fintech Institute (IFI) inside GIFT.
In partnership with globally reputed institutes and universities, the ADB said the IFI will offer fintech training programs that are aligned with industry and international standards.
The ADB program will 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.
Established in 1966, ADB is owned by 68 members, including 49 from the region.
