Gujarat International Finance Tec-City (GIFT City) has unveiled the launch of two key initiatives: the GIFT International Fintech Institute (GIFT IFI) and the GIFT International Fintech Innovation Hub (GIFT IFIH)-a dedicated incubator and accelerator for fintech startups, supported by the Asian Development Bank (ADB). These steps are a major milestone in GIFT City's vision to become a global leader in fintech education, innovation, and startup growth. Together, these initiatives are set to transform India's fintech landscape, solidifying GIFT City's position as a premier international hub for financial technology while attracting top talent and global industry attention.

The GIFT IFI will be operated by a distinguished consortium that includes Ahmedabad University, in collaboration with IIT Gandhinagar and the University of California, San Diego. The institute's training programs, scheduled to begin in January 2025, are designed to provide professionals with industry-relevant skills that are crucial for today's financial sector. The GIFT IFI will equip the next generation with the tools to excel in high-growth, global finance careers. Complementing this effort, the GIFT IFIH-led by Plug and Play, a global accelerator platform-will offer essential resources, expert mentorship, and networking opportunities to startups, providing them with a dynamic environment to scale and thrive in the competitive fintech sector.

Tapan Ray, Managing Director & Group CEO of GIFT City, highlighted the strategic importance of these initiatives. He stated that the launch of GIFT IFI and GIFT IFIH marks a significant milestone in GIFT City's mission to establish a globally connected, resilient ecosystem that supports a diverse range of innovators, positioning India as a leader in fintech. With the support of renowned fintech education and incubation partners, GIFT City is poised to continually produce cutting-edge talent and generate innovative solutions that will reshape the financial services landscape.

The initiatives are expected to create a vibrant, inclusive ecosystem that fosters fintech innovation and entrepreneurship, contributing to the growth of India's fintech sector. By focusing on skill development, research support, and startup acceleration, GIFT City aims to drive job creation, enhance workforce productivity, and advance technological innovation in financial technology.

The GIFT IFI and GIFT IFIH are strategically designed to achieve several critical objectives in shaping India's fintech sector. These include offering training programs that align with global industry standards and creating a supportive environment for startup incubation and acceleration. A key focus will be placed on supporting women entrepreneurs, promoting an inclusive ecosystem that encourages diverse talent and perspectives.

Furthermore, the initiatives will promote applied research to develop fintech solutions, bridging the gap between academic research and industry requirements. The programs will foster industry partnerships that strengthen innovation and competitiveness, reinforcing GIFT City's status as a centre for global fintech excellence.

Professor Pankaj Chandra, Vice Chancellor of Ahmedabad University, shared his perspective, by saying "Growth of the Indian economy will be secularly linked to financial intermediation, creation of new kinds of jobs, and innovation in technology and business models in fintech. We, Ahmedabad University, IIT Gandhinagar, and UC San Diego are committed to grow the larger fintech ecosystem by bringing our extensive institutional strengths towards developing cutting edge fintech training and academic programmes at the International Fintech Institute. We will build new talent at scale and with global capabilities by collaboratively developing programmes with industry and leading global academics. Together, we will address the evolving needs of the financial sector with innovative solutions and through deep applied research, provide new ideas to the industry and the regulators. The Institute will also work closely with industry to reorient early and mid-career managers towards technology driven financial solutions and service."

Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for GIFT IFIH, said that "We are thrilled to bring Plug and Play's global expertise to GIFT City. Our vision is to create India's largest industry-wide fintech program - a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India."

In conclusion, these initiatives will enhance India's fintech ecosystem by providing education, research, and startup support. With a focus on global talent development and inclusive growth, GIFT City is poised to drive innovation and establish itself as a leading fintech hub globally.