Government teams up with ADB for $23 million fintech boost.

TLDR:

• Government and ADB signed a $23 million loan agreement to set up a fintech institute at GIFT City in India.
• This project aims to enhance fintech education, boost startup success rates, and drive fintech research and innovation.

The government of India, in partnership with the Asian Development Bank (ADB), signed a $23 million loan agreement to establish a fintech institute at the Gujarat International Finance Tec-City (GIFT City). This initiative, aimed at enhancing access to quality fintech education, research, and innovation, is part of efforts to strengthen India’s financial services and fintech ecosystem. The agreement, signed by Finance Ministry Joint Secretary Juhi Mukherjee and ADB’s Rajesh Vasudevan, will see the establishment of the International Fintech Institute (IFI) at GIFT City. The IFI will offer industry-aligned fintech training programmes, support startups through incubation and acceleration services, and collaborate with industry and venture capital funds to drive fintech growth. These interventions are expected to enhance employment opportunities, workforce competitiveness, and productivity in new and green technologies.