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The Yamuna Expressway Industrial Development Authority is set to develop a FinTech hub on 700 acres of land in sector 7 of Noida. FinTech hubs are aimed towards providing financial services which have a backbone based on information technology. Whether the project will be a single allottee, multiple allottee or public private partnership model is yet to be decided.
The Yamuna Expressway Industrial Development Authority is an undertaking of the Uttar Pradesh government under the banner of the UP industrial act of 1976. It was set up in April 2001. The YEIDA was formed with the notion of implementing the Yamuna Expressway project and allied industrial development in the region such as logistics parks, housing and most recently, the aforementioned FinTech Hub. 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. It will offer services such as blockchain, exchange, payment, research, digital currency, online investment and banking, crowdfunding etc.
The FinTech hub which is set to be established in sector 7 of Noida will sprawl across 700 acres of land with the first phase covering 250 acres of land. The Indian FinTech industry grew nearly 282% between 2013 and 2014 with a net worth of 450 million USD. This market is projected to reach 76219 million USD by 2025. As a result, the country has seen increased investments in the sector, including the development of FinTech hubs. Mumbai was the first City in the country to implement a FinTech policy, with a FinTech hub spread over 30 million square feet, built at a cost of Rs 14000 crore. Following suit, the Gujarat International Finance Tec-city is under development in Gandhinagar. The total area under development is 886 acres, of which a Special Economic Zone constitutes 261 acres. In Tamil N?du, a FinTech hub is being set up in Nandambakkam Village of Chennai on 112.8 acres of land. State governments across the country are formulating policies to promote the development of FinTech hubs.
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