In a the new initiative, Gujarat International Finance Tec-City (GIFT City) has signed a memorandum of understanding (MoU) for the acceleration of Fintech innovation and exploring the possibility of developing a Fintech Hub within the country, the first smart city and international finance centre, an official statement said.
The MoU was signed between Gift city and BIL Ryerson Technology Startup Incubation Foundation (BRTSIF). The BIRTSF is a joint venture between BSE Institute Mumbai and Ryerson University and Simon Fraser University, Canada.
“Fintech and IFSC are emerging fields in India with immense potential. Their synergy is essential to develop a matured financial ecosystem in the country, given their dynamic traits. One of the objectives of GIFT City has been to provide a productive platform for fintech and related sectors to be globally competitive,” Tapan Ray, MD & CEO of GIFT City said in a statement.
Zone Startups, an initiative of BIRTSF, will develop a program to attract domestic as well as international fintech and fintech-enabled startups in areas such as digital banking, digital app-based lending, crowdfunding, various secured electronic payment services, IFSC related clearing mechanisms, insure-tech, prepaid payment instruments, and digital payments.
“The world of banking and financial services is entering a phase of deeply transformative digitization. A new generation of digital consumers expects a modern and seamless customer experience and is demanding new ways of transacting business. Emerging trends in neo-banking, app-led payments, and digital currencies are all creating new opportunities and presenting new problems that need solutions,” Hemant Gupta, Managing Director of Zone Startups said.