GIFT City is set to launch an International Fintech Innovation Hub in partnership with Asian Development Bank (ADB) by next year. The initiative was announced at the ongoing Global Fintech Fest 2024, and will include cutting-edge infrastructure, fostering an innovation mindset. The partnership highlights GIFT City's commitment to nurturing a vibrant fintech ecosystem.

This year, ADB had approved a USD 23 million loan to enhance access to quality fintech education, research, and innovation at the GIFT City. Meanwhile, the hub will focus on three key pillars with the International Fintech Institute which is to be created in partnership with a renowned international institute and an Indian partner to train people on fintech, and nurture skilled talent. The second pillar will be a fintech incubator and accelerator to support and promote new startups from GIFT City. The third pillar will be a research centre dedicated to fintech research and development.

In all, the 360-degree ecosystem will addresses financial challenges not just for India but for the global south and the world as well. It was also highlighted during the event that the Clearing Corporation of India has already set up a subsidiary company at GIFT City for providing real-time foreign currency settlement, which will play an important role for fintech companies.