IFSCA Issues Framework for FinTech Entity in International Financial Services Centres

Tags: Economy/Finance National News

• The International Financial Services Centres Authority (IFSCA),  has issued a “Framework for FinTech Entity in the IFSCs”.

• The Framework aim is giving boost to the establishment of a world class FinTech Hub at GIFT IFSC comparable with other International Financial Centres (IFCs). 

• The framework proposes to cover financial technology (FinTech) solutions resulting in new business models, applications, processes or products in areas/activities linked to financial services regulated by IFSCA.

• It covers advanced/innovative technological solutions which aid and assist activities in relation to financial products, financial services and financial institutions (TechFin).

• The framework provides for a dedicated Regulatory Sandbox for FinTech products or solutions namely IFSCA FinTech Regulatory Sandbox.