Now, YEIDA to develop ‘fintech hub’ in sector 7
NOIDA: On the lines of Mumbai and Gujarat, Yamuna Expressway Industrial Development
Authority (YEIDA) plans to develop a fintech hub on 700 acres of land in Sector 7. In the first
phase, the project will come up on 250 acres. Officials said Ernst and Young (EY) would prepare
a detailed project report (DPR) for the hub.
YEIDA CEO Arun Vir Singh said that EY has already completed a study of Fintech hubs in India
and abroad and suggested a way forward for establishing one on YEIDA land.
“The authority is yet to take a decision on the potential development and the financial model like
giving land to single or multiple allottees and public-private partnership model or hybrid model,”
Singh said.
The primary land use of the project site would be in institutional and commercial categories.
“A fintech hub is inclined towards providing financial services, which rely heavily on information
technology. The core functions, which may form a 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, insurers and
intermediaries), knowledge process outsourcing (KPO) and business process outsourcing
(BPO), capital market and trading, banks, hotels, etc.,” the EY report stated.
The services offered by such a hub include blockchain, payment, exchange, research, digital
money, online banking, investment and crowdfunding.
EY did a detailed study of the IT/ITeS policy of Gujarat, the fintech policy of Maharashtra and the
Information Technology and the 2017 startup policy of UP.
Mumbai is the first city in the country to bring a fintech policy. Its fintech hub, spread over 30 million
square feet, got 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 its development is 886 acres, of which the SEZ (Special
Economic Zone) constitutes 261 acres. To promote the IT industry in GIFT City and to attract
entrepreneurs to set up units, the Gujarat government has declared the 2022-27 IT policy.
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 282% between 2013 and 2014, and
reached USD 450 million in 2015.
The market will likely reach 76,219 million USD by 2025, growing at a compound annual growth
rate (CAGR) of 22.7% between 2020–2025, the report further stated.
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