In a bid to boost the state’s economy and establish itself as a prominent financial services hub, the Uttar Pradesh government has initiated the bidding process for a 100-acre fintech park in Noida. The Yamuna Expressway Industrial Development Authority (Yeida), an economic development agency, has released the request for proposal (RfP) document. The RfP seeks a feasibility study and a detailed project report (DPR) for the upcoming fintech park. Yeida’s additional chief executive officer, Vipin Kumar Jain, has set the submission deadline for bids on January 2, 2024.
The fintech park, located in Noida Sector 13, is strategically positioned to provide the necessary infrastructure for the expansion of financial services companies across the entire financial and allied value chain. Notably, it will be in proximity to the under-construction Jewar International Airport, scheduled to commence operations in September 2024. The park aims to facilitate various financial activities, including stock brokers, stock exchanges, crowdfunding, banking, angel funding, insurance, digital economy, digital money, capital markets, financial research and development and more. In addition, the park will offer auxiliary amenities such as commercial spaces, hospitality services, shopping arcades, data centers and other facilities.
The Noida-Greater Noida region already hosts nearly 240 operational fintech startups involved in payments, digital lending, blockchain and digital wealth management. With the establishment of this dedicated fintech park, Noida, a significant city in the National Capital Region (NCR), is poised to solidify its position as a key player in the fintech sector.
This strategic initiative aligns with the broader vision of promoting technological advancements and fostering entrepreneurship in Uttar Pradesh. The bidding process is anticipated to attract substantial interest from both domestic and international players, marking a crucial step in the state’s journey toward establishing itself as a fintech powerhouse in the country.
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