After Japanese city and Film City, the Yamuna EuroJournalway Industrial Development Authority (YEIDA) has another plan up its sleeve to boost investment in Uttar Pradesh — a FinTech Hub.
Drawing inspiration from Gujarat, Maharashtra and Tamil Nadu, officials said the Authority is looking at an area of around 350 acres in Sector 9 for the proposed hub, a dedicated region where many institutions related to the financial sector will be headquartered.
On Monday, YEIDA published the tender to select a consultant to carry out a feasibility study-cum-detailed project report (DPR) for the hub’s development. The last date to submit the bid is December 13; a pre-bid meeting will be held on November 29.
FinTech is a term broadly used to describe emerging technological innovations in the financial services sector, with ever-increasing reliance on information technology. Officials said services such as blockchain, research, digital money, investment, and crowd-funding, among others, will be offered in such a hub.
Said YEIDA CEO Dr Arun Vir Singh, “It will promote various aspects of ease of doing business. The Uttar Pradesh government’s new FDI policy is definitely going to help implement this plan on the ground. Companies will get land at a subsidised rate, along with other benefits. The hub will facilitate research, innovation and development of new-age skills and create new jobs. It will provide start-ups with an innovative and regulatory sandbox/prototyping ecosystem, mentorship programmes, and a platform to partner with global players and the government.”
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He further said as far as the development of the hub is concerned, the authority has proposed four modes: “We are discussing if YEIDA can be the developer, or whether to select a single developer like (we planned for) Film City from outside, or develop the hub through a PPP model or hybrid mode. The consultant is expected to provide the most feasible way forward.”
Key stakeholders in this plan include financial institutes, regulators, technology partners, investors, academic/government institutes, incubators/accelerators, and market influencers. There will be three categories of firms at the hub – international, domestic/regional, and offshore financial centres.
Officials said the success factor for the hub is sustained demand i.e consumer digital readiness in terms of mobile and internet penetration; access to capital; regulatory openness i.e specific regulations and policies; and an enabling environment, which is ease of access to local and international markets.