“GOI, ADB seal $23M fintech loan pact | Mumbai News”

TLDR:

• The Government of India and the Asian Development Bank signed a $23 million loan agreement to enhance fintech education, research, and innovation at GIFT-City.
• The loan will establish an International Fintech Institute (IFI) to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation.

The Government of India and the Asian Development Bank (ADB) signed a $23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City). This project aims to establish an International Fintech Institute (IFI) to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation. Set to be established in partnership with globally reputed institutes and universities, the IFI will offer industry-aligned fintech training programs, support startups, especially women-led, through incubation and acceleration services, and collaborate with industry and venture capital funds to support the growth of fintech startups. The ADB program will support research on innovative solutions in areas like climate fintech, regulatory technology, social inclusion, and gender equality in finance. Overall, the project aims to create a holistic growth of a fintech ecosystem in India by promoting market-driven fintech skills programs, enabling private sector investment, and enhancing collaboration between industry, skills development institutes, and development partners.