Yes Bank, GIFT City tie-up to support fintech industry

A memorandum of understanding (MoU) was signed by Yes Bank and GIFT City, India's first operational smart city and International Financial Services Centre (IFSC), to boost GIFT City's fintech ecosystem. In Gandhinagar, Gujarat, the MoU was signed by Prashant Kumar, MD of Yes Bank, and Tapan Ray, Group CEO of GIFT City. According to the terms of the Memorandum of Understanding, GIFT City and Yes Bank will support fintech innovation and a fintech accelerator for fostering, advancing, and assisting fintech firms. The MoU also calls for GIFT City to be promoted as an international financial services centre, as well as for young fintech innovators to be made aware of opportunities in India. Together, GIFT City and Yes Bank will organise roadshows, seminars, information series, webinars, and/or conferences to spread the word about the fintech regulations in GIFT City and to position the city as India's fintech centre for startups and new market players. As part of their collaboration, GIFT City and Yes Bank will also develop and implement innovation and entrepreneurial programmes like boot camps, hackathons, and incubation and acceleration in the fintech industry, with a particular emphasis on areas like payments, lending, financial planning, insurance technology, regulatory technology, wealth management, and trade processing, among others. Also read: Odisha to get cyclone-resistant saline embankment ICICI Bank to raise Rs 100 bn via infra bonds