Updated February 22nd, 2024 at 17:03 IST

Asian Development Bank approves $23 million loan for fintech education

The project includes constructing an inclusive, sustainable, and climate-resilient International Fintech Institute.

Reported by: Business Desk
Asian Development Bank approves $23 million loan for fintech education | Image:Republic
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ABD loans to GIFT: The Asian Development Bank (ADB) has sanctioned a $23 million loan to boost access to quality fintech education, research, and innovation at the Gujarat International Finance Technology City (GIFT). GIFT, a state-owned enterprise, aims to nurture fintech ecosystems and financial services, serving as a premier international financial services centre and fostering local startup growth.

ADB economist Kanupriya Gupta emphasised the transformative impact of the fintech industry on business practices, economic growth, and future readiness. The loan will enhance fintech education, ensuring digital and financial services are more efficient and accessible.

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Maintaining industry standards

The project includes constructing an inclusive, sustainable, and climate-resilient International Fintech Institute (IFI) within GIFT. In collaboration with global institutes and universities, the IFI will offer fintech training programmes aligned with industry standards.

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The ADB programme will also facilitate research on innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality in finance. Its aim is to establish a state fintech readiness index and develop new solutions for emerging technologies.

Founded in 1966, ADB comprises 68 members, including 49 from the region. This initiative underscores ADB's commitment to fostering fintech education and research, paving the way for enhanced financial services and technological advancements.

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(with PTI inputs)  

 

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Published February 22nd, 2024 at 17:03 IST