To address the shortage of skilled manpower for financial services and technology companies in GIFT City as well as the country, the GIFT International Fintech Institute (IFI) aims to train not only university students but also professionals looking to upskill themselves.
IFI, an initiative to foster fintech education in partnerships with Indian and international institutes, began its pilot fintech programme in January this year for engineering and management students. Out of 16 universities that placed bids to partner with GIFT City for IFI, Ahmedabad University (AU), IIT Gandhinagar and the University of California, San Diego, US, were selected.
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In a conversation with FE, AU vice-chancellor Pankaj Chandra shared the institute’s vision to provide high-quality training across several domains. “Given the manpower shortage at GIFT, IFI aims to train not only university students but also professionals looking to upskill and do value-added work,” he said. “While IFI is still at a nascent stage, we aim to introduce 6-7 new courses through the year in domains including treasury and risk management.” With a new batch beginning in March for professionals, Chandra hopes to add a few hundred students each progressive year – ending the fifth year with 4,000+ fintech-ready professionals.
Echoing his vision, project heads for the International Fintech Institute and Innovation Hub (IFIH) shed light on the talent requirements to propel the ecosystem forward. Requesting anonymity, a GIFT representative said, “Over 700 entities are currently operating at GIFT City, with around 26,000 employees. Within the next three years, this number is expected to increase to 40,000-50,000. At full capacity, GIFT could generate employment for 200,000 professionals across various domains.”
With companies such as Infosys, Wipro, Cognizant and Hexaware set to join GIFT, the representative estimates a minimum requirement of 500-1,000 professionals per company. However, the requirement for graduates may be less than that of mid- and- senior-roles at such companies.
“Within the companies currently operating at GIFT, approximately 30% of the employees are at senior roles, 50% at mid-level roles and 20% are freshers,” the representative shared. “Fintech is the need of the hour and while we have professionals who may excel in finance or technology domains, many require training to understand the intricacies of fintech.”
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