Plug and Play, GIFT City launch global FinTech Incubator & Accelerator

By Gloria Methri

Plug and Play, a global accelerator platform and an early-stage investor, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), which aims to foster research and innovation in financial technology.

GIFT City’s MD and Group CEO, Tapan Ray, said, “Our vision at GIFT City is to drive FinTech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in FinTech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”

Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator, added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide FinTech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative FinTech solutions and nurture FinTech unicorns that will shape the future of finance in India.”

The program will support FinTech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic FinTech landscape. The first batch of startups will be unveiled in January 2025.

GIFT City, India’s first operational smart city and maiden International Financial Services Centre (IFSC), is a global financial and IT services hub designed to be at par with globally benchmarked business districts. GIFT City offers significant advantages such as reduced operational costs, favourable tax policies, and a vibrant community for BFSI, IT/ITeS, FinTech, international education, and other service sectors.