Expecting a new influx of investments in financial technology (fintech) administrations, the Gujarat government is chipping away at plans to set up another fintech park that will serve the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.
The fintech park will likewise serve new regions close to the Gujarat International Finance Tec City. The fintech area has seen huge development as of late. Singapore has arisen as the center point for this new market and a comparative mechanical disturbance is making advances into India.
The Gujarat government is likewise taking a gander at making a committed fintech strategy that will give various motivating forces to organizations which set up base at GIFT City IFSC (International Financial Services Center) and encompassing zones.
Aside from focal government sops, the state government intends to give extra impetuses also.
The strategy, as per government sources, will be a vital driver for new businesses on the lines of Paytm, PhonePe, RazorPay, MobiKwik, and PayU. Fintech has re-imagined how exchanges are finished.
“Apart from the IT-based ecosystem and infrastructure, one of the biggest enablers for a fintech company planning to set up operations in GIFT City IFSC is that it now has a unified regulator,” said an industry expert. A final draft of the fintech policy is almost ready, said government sources. “We have held up the announcement of the policy, as we expect a major boost in the form of tax holiday from the Government of India for companies setting up base at the GIFT City IFSC,” a source said.
“This tax holiday announcement is expected in the Union budget. After the Union budget, the state government will announce its own set of additional incentives through the new fintech policy. This will provide a quantum impetus to the GIFT City project.”
The state government has just looked for the endorsement of the focal government for the declaration of the new fintech strategy.
“Private developers will be allowed to develop fintech-related projects in line with their requirements,” the source added. “Under the new policy, the proposed fintech park will be given significant support. Customized support to major fintech companies on the lines of manufacturing companies will also be offered.”
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Ahmedabad Local journalist was involved in the writing and production of this article.