The government of Uttar Pradesh is taking a step towards establishing itself as a major financial services hub in Asia. They have recently invited bids for the development of a 100-acre fintech park in Noida.
Key Highlights
- The nodal agency for the Fintech Park, Yamuna Motorway Industrial Development Authority (YEIDA), has released the Request for Proposals (RfP) document for the feasibility study and detailed project report (DPR).
- The infrastructure included in the fintech park is slated to be developed in Noida Sector 13.
- According to Vipin Kumar Jain, the Additional Chief Executive Officer (CEO) of YEIDA, the deadline for submitting bids is January 2nd.
- The park is planned to be built near the Jewar International Airport, which is expected to start operating in September 2024.
To position Uttar Pradesh as a prominent financial services hub in Asia, the state is now inviting bids for the same. This initiative aims to attract and nurture the growth of fintech companies within the region, fostering innovation and economic development.
Nearly 240 startups are operating in the Noida-Greater Noida region, specialising in digital lending, payments, blockchain, and digital wealth management.
Some of the major fintech firms in this area include Pine Labs, Spice Money, Paytm Payments Bank, Advisorymandi.com, DiGiSPICE, OneCode, Wishfin, GramCover, FanTiger, Marquee Equity, Easypolicy, Buddy4Study, Oye Loans, PayMe India, PortDesk, and Nivesh. com.
Conducive Factors for Fintech development in Uttar Pradesh
As per the government reports, the Noida-Greater Noida corridor has become a preferred destination for startups and fintech companies due to its world-class infrastructure, reliable power supply, internet connectivity, and skilled workforce.
In response to the increasing demand from the fintech and investment sectors, the Indian Institute of Management (IIM), Lucknow, is planning to update its curriculum to better equip students for the local and international financial and investment landscape.
IIM Lucknow has recently joined the University Affiliation Programme (UAP) of the CFA Institute, a global association of investment professionals. This partnership aims to provide students with high-calibre management education that will enable them to excel in the investment sector.
