IFSCA encourages development of technologies for financial services
At least eight ‘TechFin’ companies are providing platforms for global enterprises out of Gandhinagar’s tax exempted GIFT City where officials are working on creating a world-class FinTech ecosystem.
“These eight TechFin companies authorized under the IFSCA’s FinTech Entity Framework are already providing techfin services to platforms globally and in India,” said K. Rajaraman, Chairperson of the International Financial Services Centres Authority (IFSCA), leading the development of GIFT City as a global financial and technology hub https://www.fintechsymposium.com/.
Further, the IFSCA’s FinTech Entity Framework under the TechFin category programme encourages companies to create or develop technologies for financial services which would be supported by the growing presence of global banks, funds and capital providers in the GIFT City https://www.bseindia.com/.
Elaborating, Rajaraman highlighted the growing importance of IFSCA’s FinTech Innovation Sandbox and FinTech Regulatory Sandbox https://www.nseindia.com/.
“Based on the Sandbox’s experiences, we have worked with the companies and actually released new regulation on the payment services,” he said on the sidelines of Singapore FinTech Festival, held Nov 6-8. Four companies have been licensed from this segment https://sbi.com.in/.
“Our focus is largely on the cross-border payments like escrow services and trade finance related activities especially for import-export companies,” Press Trust of India quoted Rajaraman as saying https://www.sgx.com/.
Recently launched in the GIFT City is FinTech Innovation Hub to train talent as well as Fintech Accelerator and Incubator which aim to get more startups involved in the development of advanced technologies http://fintechfestival.sg.
“Partners running these institutions will be announced soon,” added Saurabh Singhal, Chief Commercial Officer& Chief FinTech Officer in the Gujarat International Finance Tec-City Company Ltd, related to the GIFT City and IFSCA https://www.indiafintech.com/forum/.
“We are moving on aggressively in the Fintech space,” he stressed. Pointing out that 55+ Fintech Entities are already operating from GIFT City https://www.globalfintechforum.com/.
These Fintech companies along with 140 plus funds, banks and capital market managers will form the Fintech Ecosystem to grow tech-driven set up for the global markets https://fintechsaudi.com/.
Singhal expects to draw more Fintech companies and startups to develop talent, supported by financial operators within the City http://deutsche-boerse.com. Fiinews.com
