A complete of 5 companies have come ahead to work as consultant on the FinTech hub project being developed close to Noida airport project web site alongside the Yamuna Expressway, officers of the Yamuna Expressway Industrial Improvement Authority (Yeida) mentioned.
The Yeida will finalize one firm from amongst these 5, who’ve submitted their bids response to a bid invite floated by Yeida in 2023.
A FinTech hub is a devoted space for monetary providers, which rely closely on info expertise (IT) and IT-related models. The important thing elements which can kind a component of a FinTech hub are IT, IT enabled Companies (ITeS), business workplaces, banking, inventory exchanges, brokers, intermediaries, insurers, information course of outsourcing (KPO), enterprise course of outsourcing (BPO), buying and selling, banks and motels and many others.
“As these 5 companies have submitted their proposals,we’ll full the formalities and choose one company that can be engaged in making the detailed project report (DPR) of this project. As soon as the DPR of FinTech hub is prepared, the authority will once more begin the method to choose a developer, who can develop this bold project geared toward creating progress on this area,” mentioned Arun Vir Singh, chief govt officer of the Yeida.
These 5 companies are working within the area of actual property and the chosen one will work as a consultant to assist the authority finalise the DPR of this project.
The Yeida needs to set up a FinTech hub so as to lure investments on this area and goals to develop this on 350 acres in Sector 9, positioned alongside Yamuna Expressway.
Yeida in November 2023 issued a young to choose a consultant and the final date to submit bids was December 13, 2023. The FinTech hub is geared toward selling improvements, new startups in digital banking, digital app-based lending, crowd funding, digital fee providers and insurance coverage expertise amongst different areas.
“We wish to lure worldwide establishments such because the Worldwide Financial Fund, World Financial institution, Inventory Trade right here. Other than that, company workplaces of massive banks would even be allotted area on the hub,” mentioned Singh.
The FinTech hub project can even get the advantages from the state authorities’s FDI [foreign direct investment] coverage, together with land subsidies for companies with 100% FDI funding. Moreover, companies will obtain R&D [research and development] funds for 5 years, help for talent improvement, and numerous different financial incentives.