India and ADB Partner to Boost Fintech Education at GIFT-City

India and ADB Partner to Boost Fintech Education at GIFT-City

VoM News Desk | March 14, 2024 | 10:58 PM IST | Breaking News | Follow on Google News

India and ADB Partner to Boost Fintech Education at GIFT-City

India and ADB Partner to Boost Fintech Education at GIFT-City

In a collaborative effort, the Government of India and the Asian Development Bank (ADB) have inked a USD 23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City).

Establishment of International Fintech Institute (IFI)

The loan agreement, signed by Juhi Mukherjee from the Ministry of Finance and Rajesh Vasudevan from ADB, marks a significant step towards the development of the Promoting Research and Innovation through Development of Fintech Institute at GIFT-City Project.

Juhi Mukherjee expressed optimism about the project’s impact, stating that the establishment of an International Fintech Institute (IFI) will not only strengthen fintech education but also boost startup success rates and drive research and innovation in the field.

Collaborative Efforts for Holistic Growth

Rajesh Vasudevan emphasized the project’s focus on market-driven fintech skills programs, creating an enabling environment for private sector investment, and fostering collaboration between industry stakeholders, skills development institutes, and development partners to promote holistic growth in India’s fintech ecosystem.

The IFI, to be established in collaboration with globally reputed institutes and universities, will offer industry-aligned fintech training programs meeting international standards. It will support innovation and entrepreneurship by providing incubation and acceleration services to startups, particularly those led by women, and collaborate with industry and venture capital funds to support their growth.

Contribution to Employment Opportunities and Technological Advancement

These initiatives are expected to enhance employment opportunities, workforce competitiveness, and productivity, especially in new and green technologies. The ADB program will support research on innovative solutions and technologies in various areas including climate fintech, regulatory technology, social inclusion, and gender equality in finance. Additionally, the project aims to establish a state fintech readiness index and develop new solutions to emerging technologies, further contributing to the advancement of the fintech landscape.

VoM News Desk

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