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IFSCA issues framework for FinTech entity in IFSCs

The International Financial Services Centres Authority (IFSCA), in furtherance of its mandate to develop and regulate financial products, services, and institutions in the International Financial Services Centres (IFSC) and to encourage the promotion of financial technologies across the spectrum of banking, insurance, securities, and fund management in IFSC, has issued a detailed framework for fintech entity in the IFSCs. 

The framework is aimed at giving a boost to the establishment of a world-class FinTech Hub at GIFT IFSC comparable with other international financial centers (IFCs). The framework proposes to cover financial technology solutions resulting in new business models, applications, processes or products in areas/activities linked to financial services regulated by IFSCA, and advanced/innovative technological solutions that aid and assist activities with financial products, financial services, and financial institutions (TechFin). 

The framework provides for IFSCA FinTech Regulatory Sandbox and empowers IFSCA to grant limited use authorization to the eligible financial technology entities in IFSC. This would enable them to apply and avail grants under the IFSCA FinTech Incentive Scheme 2022.

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