GANDHINAGAR: Gujarat International Finance Tec-City (GIFT City) announced the launch of GIFT International Financial Technology Institute (GIFT IFI) and the GIFT International Fintech Innovation Center (GIFT IFIH)—an incubator and accelerator dedicated to financial technologies, supported by the Asian Development Bank (ADB). This is a crucial step in GIFT City’s journey to become a global hub for education, innovation and start-up growth in fintech. These initiatives are expected to transform the fintech landscape, strengthen GIFT City’s position as a leading international fintech hub and attract the attention of world-class talent and industry in India.
The GIFT IFI will be led by a distinguished consortium comprising the University of Ahmedabad, in collaboration with IIT Gandhinagar and the University of California, San Diego. The training programs, expected to begin in January 2025, are designed to equip professionals with industry-relevant skills essential to the modern financial sector. The institute will equip the next generation with the capabilities to excel in high-growth careers in global finance. Complementarily, GIFT IFIH, led by Plug and Play, a global accelerator platform, aims to provide essential resources, expert mentorship and extensive networking opportunities to startups, providing them with a dynamic space to scale and succeed in a competitive fintech landscape.
Sharing the GIFT City vision behind the initiatives, Mr. Tapan Ray, Managing Director and CEO of GIFT City Group, said, “The launch of GIFT IFI and GIFT IFIH is a key achievement in GIFT City’s valuable journey towards creating a resilient and globally connected ecosystem that supports diverse innovators and establishes India as a leader in fintech. With the support of renowned fintech education and incubation partners, GIFT City is able to ensure a steady flow of cutting-edge talent, while generating pioneering solutions that will reshape the services landscape financial.
These initiatives are expected to establish a vibrant and inclusive ecosystem fostering fintech innovation and entrepreneurship, thereby strengthening the Indian fintech sector. Focusing on upskilling, research support and start-up development, GIFT City aims to contribute to employment growth, workforce productivity and technological advancement in the field of financial technology.
The GIFT IFI and GIFT IFIH are specifically designed to address several critical objectives that will shape the fintech sector in India. First, they will offer training programs aligned with international industry standards, creating an enabling environment for start-up incubation and acceleration. Particular emphasis will be placed on supporting women entrepreneurs, promoting an inclusive ecosystem that encourages diversity of talents and perspectives.
Additionally, the initiatives will boost applied research to create fintech solutions, bridging the gap between academic research and industry needs. These initiatives will encourage industry partnerships that strengthen the sector’s innovation capacity and competitiveness, thereby cementing GIFT City’s reputation as a global center of excellence in financial technology.
Professor Pankaj Chandra, Vice-Chancellor, Ahmedabad University said, “The growth of the Indian economy will be secularly linked to financial intermediation, creation of new types of jobs and technological innovation and business models in fintech. We, University of Ahmedabad, IIT Gandhinagar and UC San Diego, are committed to developing the broader fintech ecosystem by leveraging our vast institutional assets to develop academic training and curriculum in financial technology at the International Fintech Institute. We will train new talent at scale and with global capabilities by developing programs in collaboration with industry and leading global academics. Together, we will meet the changing needs of the financial sector with innovative solutions and, through extensive applied research, provide new ideas to the industry and regulators. The Institute will also work closely with industry to reorient early and mid-career managers towards technology-driven financial solutions and services.
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Manager for IFIH added, “We are excited to bring the global expertise of Plug and Play to GIFT City. Our vision is to create the largest fintech program India-wide – a collaborative platform where banks, payment companies, 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.