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Business EconomyPosted at: Mar 14 2024 6:12PM


Govt signs $23 million loan pact with ADB to boost fintech ecosystem

New Delhi, Mar 14 (UNI) The central government on Thursday signed a $23 million loan agreement with Asian Development Bank (ADB) to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City).
GIFT City is an initiative of the Government of India and the Gujarat government to foster India’s financial services and fintech ecosystem.
After signing the loan agreement, Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance said that this project will establish an International Fintech Institute (IFI) to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation.
The IFI, set to be established in partnership with globally reputed institutes and universities, will offer industry-aligned fintech training programmes that meet international standards.
“The project’s emphasis on market-driven fintech skills programmes, creating enabling environment for private sector investment and enhancing collaboration between industry, skills development institutes and development partners will promote holistic growth of fintech ecosystem in India,” said Rajesh Vasudevan, Officer-in Charge of ADB’s India Resident Mission.
The ADB programme 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.
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