Yeida will now develop a ‘fintech hub’ in sector 7 | Noida News
Noida: On par with Mumbai and Gujarat, the Yamuna Expressway Industrial Development Authority (YEIDA) plans to develop a fintech hub on 700 decares of land in sector 7. In the first phase, the project will reach 250 decares. Officials said Ernst and Young (EY) would prepare a detailed project report (DPR) for the hub.
YEIDA CEO Arun Vir Singh said EY has already completed a study of Fintech hubs in India and abroad and suggested a way forward to establish one on YEIDA land.
“The authority is yet to take a decision on the potential development and economic model such as giving land to single or multiple allottees and public-private partnership model or hybrid model,” Singh said.
The primary land use of the project area will be in institutional and commercial categories.
“A fintech hub tends to offer financial services, which are heavily dependent on information technology. The core functions, which may form part of a fintech hub, are information technology (IT), information technology-enabled services (ITeS), commercial offices, banking and financial services (stock exchanges, brokers and intermediaries, insurance companies and intermediaries), knowledge process outsourcing (KPO) and business process outsourcing (BPO), capital markets and trading, banks, hotels, etc.,” the EY report said.
The services offered by such a hub include blockchain, payment, exchange, research, digital money, online banking, investment and crowdfunding.
EY undertook a detailed study of the IT/ITeS policy of Gujarat, the fintech policy of Maharashtra and the information technology and start-up policy of UP in 2017.
Mumbai is the first city in the country to have a fintech policy. The fintech hub, spread over 30 million square feet, was built with Rs 14,000 crore.
In Gujarat, Gujarat International Finance Tec-City (GIFT City) is under development in Gandhinagar district. The total area for the development is 886 acres, of which the SEZ (Special Economic Zone) makes up 261 acres. To promote the IT industry in GIFT City and to attract entrepreneurs to set up units, the Gujarat Government has declared the IT Policy 2022-27.
Tamil Nadu is also setting up a fintech hub on 112.8 acres of land at Nandambakkam village in Chennai.
Officials said the UP government would also formulate a policy to promote fintech hubs in the state.
According to the EY report, the Indian fintech industry grew by 282% between 2013 and 2014, reaching USD 450 million in 2015.
The market is likely to reach USD 76,219 million by 2025, growing at a compound annual growth rate (CAGR) of 22.7% between 2020-2025, the report further states.
YEIDA CEO Arun Vir Singh said EY has already completed a study of Fintech hubs in India and abroad and suggested a way forward to establish one on YEIDA land.
“The authority is yet to take a decision on the potential development and economic model such as giving land to single or multiple allottees and public-private partnership model or hybrid model,” Singh said.
The primary land use of the project area will be in institutional and commercial categories.
“A fintech hub tends to offer financial services, which are heavily dependent on information technology. The core functions, which may form part of a fintech hub, are information technology (IT), information technology-enabled services (ITeS), commercial offices, banking and financial services (stock exchanges, brokers and intermediaries, insurance companies and intermediaries), knowledge process outsourcing (KPO) and business process outsourcing (BPO), capital markets and trading, banks, hotels, etc.,” the EY report said.
The services offered by such a hub include blockchain, payment, exchange, research, digital money, online banking, investment and crowdfunding.
EY undertook a detailed study of the IT/ITeS policy of Gujarat, the fintech policy of Maharashtra and the information technology and start-up policy of UP in 2017.
Mumbai is the first city in the country to have a fintech policy. The fintech hub, spread over 30 million square feet, was built with Rs 14,000 crore.
In Gujarat, Gujarat International Finance Tec-City (GIFT City) is under development in Gandhinagar district. The total area for the development is 886 acres, of which the SEZ (Special Economic Zone) makes up 261 acres. To promote the IT industry in GIFT City and to attract entrepreneurs to set up units, the Gujarat Government has declared the IT Policy 2022-27.
Tamil Nadu is also setting up a fintech hub on 112.8 acres of land at Nandambakkam village in Chennai.
Officials said the UP government would also formulate a policy to promote fintech hubs in the state.
According to the EY report, the Indian fintech industry grew by 282% between 2013 and 2014, reaching USD 450 million in 2015.
The market is likely to reach USD 76,219 million by 2025, growing at a compound annual growth rate (CAGR) of 22.7% between 2020-2025, the report further states.
