Yeida extends deadline for FinTech hub application

According to Yeida, the project will offer a unique opportunity for the financial institutions to open their offices once it is developed

NOIDA: The Yamuna Expressway Industrial Development Authority (Yeida) has extended the application submission deadline for the Financial City project to April 29, officials said on Thursday.

Envisioned as a world-class financial ecosystem, the hub will house core financial services, transaction processing centres, IT and digital services, and customer support operations, positioning the area as a major FinTech destination, said officials. (HT Archive)

The authority, which has proposed to develop a state-of-the-art financial technology hub over 500-acre in Sector 11 near the Noida International Airport, had floated an expression of interest (EOI) for the project in March 1, with previous cut-off date to submit application being April 2.

According to Yeida, the project will offer a unique opportunity for the financial institutions to open their offices once it is developed.

“Earlier, the last bid submission date was April 2 and opening of technical bid April 6. We have revised it to April 29 and May 1 respectively. This is because a financial summit - Money Alpha 360° - focusing on finance, investments, wealth management, fintech, payments, etc. is scheduled on April 24-25 at India Expo Centre and Mart in Greater Noida,” said Shailendra Bhatia, additional chief executive officer of Yeida.

EOI is a preliminary document used to show intent in a business or procurement.

Stating that a big number of investors, institutions, traders, wealth managers, technology innovators, and fintech founders are expected to attend this event, Bhatia said, “We will also promote the Fintech City in the programme and hope more applicants will come for this project.”

According to the EOI, developers can also build corporate offices, conference facilities, auditoriums, cultural and information centres, kiosks, health clubs, and other support infrastructure within the hub.

According to the plan, the hub will be a focal point for financial services and is expected to promote IT/ITeS companies, innovation-driven enterprises, and start-ups engaged in digital banking, app-based lending, stock exchanges, electronic payment systems, insurance technology, and international money transfers.