Promoting Research and Innovation through Development of Fintech Institute at Fintech Institute at Gujarat International Finance Tec-City Project (ADB-56039-001)

  • South Asia
Geographic location where the impacts of the investment may be experienced.
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
GIFT City, Gujarat
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
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Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
  • Education and Health
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 23.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 23.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS Feb 1, 2024

Disclosed by Bank Feb 20, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to ADB, the proposed project aims to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation in India. It will contribute to enhanced employment opportunities, workforce competitiveness, and productivity in new and green technologies by establishing a climate-resilient and inclusive international fintech institute (IFI). The project intends to (i) design and deliver industry-aligned fintech training programs; (ii) develop a conducive ecosystem for fintech start-up incubation and acceleration, with a focus on promoting opportunities for women; (iii) support applied research and development (R&D) on innovative solutions and technologies; (iv) foster collaboration among academic institutions, governments, incubators, accelerators, and start-ups, aiming to create a collective ecosystem impact for the fintech sector; and (v) incentivize industry partnerships to nurture innovation capacity and enhance industry competitiveness.

The proposed location of International Fintech Institute (IFI) is near the entrance gate of Gujarat International Finance Tec-City (GIFT) and is adjacent to International Financial Services Centre Authority (IFSCA) building under construction. GIFT is located on the outskirts of Gandhinagar City in the Gandhinagar Tehsil of Gandhinagar District. The latitude and longitude of the IFI site are 23.16328 N and 72.67554 E, respectively.

GIFT City is a joint initiative of the GOI and the Government of Gujarat focused on developing India's financial services and fintech ecosystem. Set up in India's first international finance service center, GIFT is now ranked at par with other global financial centers. Several leading financial institutions, technology companies, market infrastructure firms, alternate investment funds, and other ancillary service providers have already set up shops at GIFT. Gujarat is ranked among the top performing states in India for developing the local start-up ecosystem as it introduced several tax benefits and financial incentives to attract financial institutions and fintechs to GIFT City.

The project aims to meet the gap for the emerging skills in sectors, such as fintech, as one of the key approaches to reduce poverty and inequality (operational priority 1) in ADB's Strategy 2030. Under the country partnership strategy for India, 2018-2022, ADB seeks to tackle skills gap in support of industrialization with a view of boosting economic competitiveness to create more and better jobs (pillar 1). The proposed project will build on the existing strengths of GIFT City and explore creating a Network Effect Model wherein stakeholders (academic institutions, governments, incubators, accelerators, start-ups, etc.) in the ecosystem collaborate for mutual benefit, thereby creating a collective ecosystem impact.


Investment Description
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Contact Information
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Responsible ADB Officer Gupta, Kanupriya
Responsible ADB Department Sectors Group
Responsible ADB Division Public Sector Management and Governance Sector Office (SG-PSMG)
Executing Agencies
Urban Development and Housing Department


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