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TLDR:
- The Central Government of India and the Asian Development Bank signed a $23 million loan agreement for a fintech institute in Gujarat.
- The deal aims to boost India’s fintech ecosystem and was signed at the Gujarat International Finance Tec-City (GIFT-City).
In a significant development, the Central Government of India and the Asian Development Bank (ADB) have signed a pivotal loan agreement valued at $23 million to enhance the country’s fintech ecosystem. The agreement, inked at the Gujarat International Finance Tec-City (GIFT-City), is set to bolster innovation and growth in the fintech sector.
This collaboration between the Indian government and ADB highlights the increasing focus on fintech as a key driver of economic development and financial inclusion in the region. The funding is expected to provide a much-needed boost to fintech startups and initiatives in Gujarat, ultimately leading to a more vibrant and competitive fintech landscape in India.
Overall, this partnership signals a new era of opportunities and growth for the fintech industry in India, with the establishment of the International Fintech Institute in Gujarat serving as a cornerstone for innovation and progress in the sector.
