Greater Noida: Five companies bid to become consultant of FinTech City project

A FinTech hub is a dedicated area for financial services, which rely heavily on information technology (IT) and IT-related units. The key aspects which may form a part of a FinTech hub are IT, IT enabled Services (ITeS), commercial offices, banking, stock exchanges, brokers, and intermediaries

A total of five companies have come forward to work as consultant on the FinTech hub project being developed near Noida airport project site along the Yamuna Expressway, officials of the Yamuna Expressway Industrial Development Authority (Yeida) said.

The Yeida will finalize one company from among these five, who have submitted their bids response to a bid invite floated by Yeida in 2023.

“As these five companies have submitted their proposals,we will complete the formalities and select one agency that will be engaged in making the detailed project report (DPR) of this project. Once the DPR of FinTech hub is ready, the authority will again start the process to select a developer, who can develop this ambitious project aimed at creating growth in this region,” said Arun Vir Singh, chief executive officer of the Yeida.

These five companies are working in the field of real estate and the selected one will work as a consultant to help the authority finalise the DPR of this project.

The Yeida wants to establish a FinTech hub in order to lure investments in this region and aims to develop this on 350 acres in Sector 9, located along Yamuna Expressway.

Yeida in November 2023 issued a tender to select a consultant and the last date to submit bids was December 13, 2023. The FinTech hub is aimed at promoting innovations, new startups in digital banking, digital app-based lending, crowd funding, electronic payment services and insurance technology among other areas.

“We want to lure international institutions such as the International Monetary Fund, World Bank, Stock Exchange here. Apart from that, corporate offices of big banks would also be allocated space at the hub,” said Singh.

The FinTech hub project will also get the benefits from the state government’s FDI [foreign direct investment] policy, including land subsidies for companies with 100% FDI investment. Additionally, companies will receive R&D [research and development] funds for five years, support for skill development, and various other monetary incentives.