GIFT City and Zone Startups India Join Hands to Accelerate Fintech Innovation. Gujarat International Finance Tec-City (GIFT City) – India’s first Smart City & International Financial Services Centre (IFSC) and BIL Ryerson Technology Startups Incubator Foundation (BRTSIF), a joint venture between BSE Institute Mumbai and Ryerson University and Simon Fraser University, Canada, have signed an MoU to accelerate Fintech innovation.
Under the aegis of this collaboration, Zone Startups India, a part of BRTSIF will explore avenues for setting up and promoting a “Fintech Hub” in GIFT SEZ. It will further lay down the foundation to promote startups and support the government of India’s vision for entrepreneurship development and innovation culture at GIFT IFSC.
GIFT IFSC provides new business opportunities in the areas of trading in international products, offshore fund management, international bullion trading etc. GIFT IFSC is being promoted as the Fintech Hub of India at a global level. This would require new skill-sets and training to attract the right talent.
Further, GIFT City is emerging as a hub for Fintech activities. BIL – Ryerson Technology Startup Incubator Foundation (BRTSIF) would play an important role for promoting talent and developing ecosystem to attract start-ups in GIFT IFSC.
Speaking about this new collaboration, Mr. Tapan Ray, MD & CEO of GIFT City, said, “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. It is an opportune time to engage with Zone Startups to develop a robust fintech base and nurture talent in this area.”
Zone Startups 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.
Mr. Hemant Gupta, Managing Director of Zone Startups, said, “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. This is a space where India, courtesy its innovative startups, can build and sustain a global leadership position. I see the MoU with GIFT City as a crucial enabling step in making that happen.”
Mr. Gupta further added, “I am particularly excited about the many opportunities this will open up for India’s leading corporates from the BFSI sector to create powerful new partnerships with these innovative startups.”
Zone Startups India, one of India’s leading incubators and accelerators, will tap its experience of over seven years of mentoring and nurturing startups and creating mutually transformative partnerships between corporates and startups, to create a rich environment for globally competitive fintech and financial services startups to become successful and sustainable businesses.