Government of India and ADB sign $23 million loan agreement to strengthen fintech ecosystem in India

Daily Current Affairs / Government of India and ADB sign $23 million loan agreement to strengthen fintech ecosystem in India

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Category : Business and economics Published on: March 16 2024

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The project aims to establish an International Fintech Institute at Gujarat International Finance Tec-City (GIFT-City) to enhance fintech education, boost start-up success rates, and drive fintech research and innovation.
The IFI will be established in partnership with globally reputed institutes and universities. It will collaborate with industry and venture capital funds to support the growth of fintech startups, especially those led by women, through incubation and acceleration services.
The ADB program will support research on innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality in finance. Additionally, it will help establish a state fintech readiness index and develop new solutions to emerging technologies.