Government of India and Asian Development Bank signed $23 million loan agreement to fintech ecosystem

Government of India and Asian Development Bank signed $23 million loan agreement to fintech ecosystem

The Asian Development Bank and Government of India have recently signed for a loan agreement of $23 million to enhance and foster the access to the overall fitech ecosystem including education, research and Innovation. This deal has been signed at the Gujarat International Finance Tec-City (GIFT-City).

The name of the ambitious project which is going to be funded by the Asian Development Bank is Promoting Research and Innovation through Development of Fintech Institute at GIFT-City Project.

Signatories:

The signatories of this loan agreement were Ms. Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Mr. Rajesh Vasudevan, Officer-in Charge of ADB’s India Resident Mission, for ADB.

More about the project:

An International Fintech Institute (IFI) will be set up under the Promoting Research and Innovation through Development of Fintech Institute at GIFT-City Project to boost fintech education, accelerate the holistic Development of the startups, ensure the success of startups and strengthen the fintech Innovation and Research.

One of main features of this project is that it will provide a market driven fintech Skill programme and create a more focused and enabled ecosystem for private investment. It will also increase and support the collaboration among the Industries, Skill Development institutions and fintech Development partners.

International Fintech Institute:

The International Fintech Institute will be established under the project and by the partnership with globally reputed institutes and universities. To meet International standards in the field of fintech ecosystem, the International Fintech Institute will provide industry-aligned fintech training programmes.

The main focused area of the International Fintech Institute will be to promote entrepreneurship among startups especially women led startups to empower women around the country. To support the growth of the startups and to provide credit support it will collaborate with various venture capital funds.

Conclusion:

Under the ADB project to strengthen the fintech ecosystem, a state fintech readiness index will also be established. To promote gender equality in fintech Innovation, research and education it will develop new technologies and emerging solutions.

Important Questions:

• What is the meaning of the fintech ecosystem?
• Describe the details of ADB project to strengthen the fintech ecosystem in India.

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