MANILA, Feb. 22 (Xinhua) -- The Asian Development Bank (ADB) on Thursday said it has approved a 23-million-U.S. dollar loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India.
GIFT, a state-owned enterprise established to promote and cultivate fintech ecosystems and financial services in India, is the South Asian country's first international financial services center and has become a fast-growing area for helping and developing local startups.
The project will construct an inclusive, sustainable, and climate-resilient international fintech institute (IFI) inside the GIFT. In partnership with globally reputed institutes and universities, the IFI will offer fintech training programs aligned with industry and international standards.
The ADB said the institute will strengthen innovation and entrepreneurship by supporting women-led startups through incubation and acceleration services. It will also collaborate with industry and venture capital funds to support the growth of fintech startups.
The ADB program will support research on innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality in finance. The project will help establish a state fintech readiness index and develop new solutions to emerging technologies. ■
