Asian Development Bank in talks to set up fintech hub at GIFT City
BCCL
Synopsis
Asian Development Bank (ADB) is likely to make an initial investment of Rs 1,000 crore into the GIFT City fintech hub to equip fintech firms with skill development tools, new technology and resource mobilisation.
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Mumbai: The Asian Development Bank (ADB) is in talks with the GIFT City authorities for setting up a fintech hub. The multilateral agency may infuse initial funding of about Rs1,000 crore towards skill development, new technologies and resource mobilisation, said two senior bankers familiar with the matter.
On Monday finance minister Nirmala Sitharaman announced a fintech hub at the Gujarat GIFT City. “The government would support the development of a world class Fin-Tech hub at the GIFT-IFSC,” the minister said in her budget speech.
While details of the budget proposal to establish a fintech hub at the GIFT City are awaited, fintech players feel it is pertinent to create more such hubs for the country’s fintech companies to grow. “We are looking to develop the proposed fintech hub as a crucial facilitator for the fast-growing fintech industry,” said Tapan Ray, managing director at GIFT City. “Emerging fintech companies need hand-holding in terms of skill development, technologies, resource mobilisation.”
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While details of the budget proposal to establish a fintech hub at the GIFT City are awaited, fintech players feel it is pertinent to create more such hubs for the country’s fintech companies to grow. “We are looking to develop the proposed fintech hub as a crucial facilitator for the fast-growing fintech industry,” said Tapan Ray, managing director at GIFT City. “Emerging fintech companies need hand-holding in terms of skill development, technologies, resource mobilisation.”
