ADB Funds $23 Million for Fintech Advancement in Gujarat

The Asian Development Bank (ADB) has sanctioned a USD 23 million loan aimed at bolstering fintech education, research, and innovation within the Gujarat International Finance Tec-City (GIFT) in India. GIFT, a state-owned enterprise, serves as a hub for nurturing fintech ecosystems and financial services in India, being the nation’s premier international financial services centre.

International Fintech Institute (IFI) Development

• Objective: To establish a comprehensive, sustainable, and climate-resilient International Fintech Institute within GIFT.
• Key Features: Collaborating with renowned global institutes and universities to provide fintech training programs aligned with industry and international standards.

Research and Innovation Focus

• Target Areas:
  1. Climate fintech
  2. Regulatory technology
  3. Social inclusion
  4. Gender equality in finance
• Initiatives: Supporting research on innovative solutions and technologies, fostering the development of a state fintech readiness index, and creating new solutions for emerging technologies.

ADB’s Role and Membership

• Establishment: ADB, founded in 1966, functions as a financial institution aimed at economic development in the Asia-Pacific region.
• Ownership: Owned by 68 members, including 49 from the region, the bank plays a crucial role in fostering economic growth and cooperation in the region.