Fintech Hub at GIFT City Set to Become Operational by January 2025.

The International Fintech Innovation Hub at GIFT City, supported by the Asian Development Bank (ADB), is set to become operational by January 2025. This milestone will be marked by the launch of a start-up accelerator and an institute designed to build a skilled fintech talent pool, officials announced on Wednesday.

Saurabh Singhal, Chief Commercial Officer and Chief FinTech Officer of GIFT City, revealed that there are currently over 100 fintech firms operating within GIFT City, employing more than 25,000 people. The goal is to expand this workforce to 150,000 over the next five years, with approximately 90 percent of the new roles related to finance or technology.

To attract more fintech companies to GIFT City, a partnership with ADB aims to establish an international fintech innovation hub. This hub will feature three key components: an international fintech institute, a fintech incubator and accelerator, and a research center focused on fintech R&D. Singhal noted that the institute is in the process of recruiting an internationally renowned partner to provide fintech education and create a talent pool.

In February 2024, ADB approved a ₹23 million loan to support fintech education, research, and innovation at GIFT City. The innovation hub will foster new start-ups, advance research, and enhance talent development within the fintech ecosystem.

GIFT City is currently finalizing the Request for Proposal (RFP) for the accelerator, with expectations to award it by September. Both the institute and the start-up accelerator are anticipated to commence operations in January 2025.

Singhal emphasized that the new institute will offer specialized courses tailored to cross-border financial services and emerging technologies such as Data Analytics and Artificial Intelligence. These courses are expected to address the gaps left by traditional university programs, making them unique compared to existing offerings in India.

HBL