On Thursday, the Asian Development Bank (ADB) announced its approval of a USD 23 million loan to bolster access to high-quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India. GIFT, a state-owned enterprise, was established to foster and nurture fintech ecosystems and financial services in India. As the nation’s inaugural international financial services center, GIFT has emerged as a rapidly expanding hub dedicated to supporting and nurturing local startups.
“The evolution of India’s fintech sector has revolutionized business practices, contributed to economic advancement, and positioned the nation for future progress,” remarked ADB economist Kanupriya Gupta.
“Gaining ADB’s support will fortify the nation’s fintech education, ensuring that digital and financial services become increasingly efficient and accessible in the years ahead,” Gupta added.
According to a statement released by ADB, the initiative will establish an inclusive, sustainable, and climate-resilient International Fintech Institute (IFI) within GIFT. Through collaboration with globally renowned institutions and universities, the IFI will provide fintech training programs tailored to industry and international benchmarks.
As per the announcement, the ADB initiative will back research into pioneering solutions and technologies in areas such as climate fintech, regulatory technology, social inclusion, and gender equality in finance. The endeavor will aid in the creation of a state fintech readiness index and the formulation of novel solutions for emerging technologies.
Founded in 1966, ADB counts 68 members among its ownership, with 49 hailing from the region.
