Lucknow: Under the leadership of Chief Minister Yogi Adityanath, the state government is about to take another major step towards making Uttar Pradesh the center of the new generation digital economy. Under this, a “Fintech Park” will be developed on 250 acres of land in Sector-11 of the Yamuna Expressway Industrial Development Authority (YEIDA) area. This project is being shaped not only as an IT park but as a complete financial technology ecosystem. The government believes that this project will establish Uttar Pradesh as one of the major fintech hubs of the country. This ‘Fintech Park’ will be a vast hub from banking to blockchain.
According to the plan, Sector-11’s Fintech Park will provide a common platform for companies connected to banking, digital payment, insurtech, investtech, Fintech SaaS (Financial Technology Software as a Service), and international money transfer. Here, all modern technologies related to financial services will be developed and established in the same premises, so that startups to large global companies can be attracted here for investment.
The biggest strength of the Fintech Park is its location. This area is directly connected to the Yamuna Expressway and is situated extremely close to Noida International Airport. The government’s assessment is that after the start of the airport, this area will become the most preferred destination for international investors. Due to better connectivity from Delhi-NCR, companies coming here will get the facility in operations at both national and global levels.
To implement this project on the ground, the process of preparing the Detailed Project Report (DPR) has been started. For this, responsibility has been assigned to international level consultancy agency. In the DPR, the blueprint of infrastructure, investment model, employment capacity, and phased development of Fintech Park is being prepared. According to officials, as soon as DPR is completed, the roadmap for plot allotment for investors and other processes will be publicized.
Through Fintech Park, thousands of new opportunities for direct and indirect employment will be created. Youth will get opportunities in sectors like banking technology, data analytics, cyber security, digital payment system and financial software development. The government’s focus is that instead of migrating to other states, the talents of Uttar Pradesh should do global-level work in the state itself.
The Yogi government has already made it clear that Uttar Pradesh will not be limited only to traditional industries. The state will be made leading in high end (high value) sectors like IT, electronics, semiconductor and now fintech. Sector-11’s Fintech Park is part of this policy, where both policy and intent are clearly visible. Industrial sector experts say that this project will not only increase investment but will be capable of giving Uttar Pradesh a strong position on the country’s digital finance map.