{"id":266149,"date":"2022-04-29T10:30:23","date_gmt":"2022-04-29T05:00:23","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=266149"},"modified":"2022-04-29T09:57:12","modified_gmt":"2022-04-29T04:27:12","slug":"ifsca-issues-framework-for-fintech-entity-in-ifscs","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/29\/ifsca-issues-framework-for-fintech-entity-in-ifscs\/","title":{"rendered":"IFSCA issues framework for FinTech entity in IFSCs"},"content":{"rendered":"<p style=\"text-align: justify;\">The International Financial Services Centres Authority (IFSCA) has issued a detailed \u201cFramework for FinTech Entity in the IFSCs\u201d in order to develop and regulate financial products, financial services and financial institutions in the International Financial Services Centres (IFSC) and to encourage promotion of financial technologies (\u2018FinTech\u2019) across the spectrum of banking, insurance, securities, and fund management in IFS.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The \u201cFramework for FinTech Entity in the IFSCs\u201d is aimed at giving 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 (i) financial technology (FinTech) solutions resulting in new business models, applications, process or products in areas\/activities linked to financial services regulated by IFSCA and (ii) advanced\/innovative technological solutions which aid and assist activities in relation to financial products, financial services and financial institutions (TechFin).<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The framework provides for a dedicated Regulatory Sandbox for FinTech products or solutions namely <strong>IFSCA FinTech Regulatory Sandbox<\/strong> and empowers IFSCA to grant Limited Use Authorization within FinTech Regulatory Sandbox to the eligible financial technology entities in IFSC. This would enable them to apply and avail Grants under the <strong>IFSCA FinTech Incentive Scheme 2022.<\/strong><\/p>\n<p style=\"text-align: justify;\">Further, it also enables some class\/categories of technology companies having (i) a deployable advanced\/innovative technology solution which aids and assists activities in relation to financial products, financial services, financial institutions and, (ii) credible\u00a0 track record including financial performance, to obtain Direct Entry (Authorization by IFSCA) by IFSCA without entering into the Regulatory Sandbox.<\/p>\n<p style=\"text-align: justify;\">The framework also incorporates the Inter Operable Regulatory Sandbox (IoRS) mechanism.\u00a0 IoRS is a proposed mechanism to facilitate testing of innovative hybrid financial products \/ services falling within the regulatory ambit of more than one financial sector regulators. IFSCA will facilitate Indian FinTech\u2019s seeking access to foreign markets and foreign FinTech\u2019s seeking entry into India.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The framework proposes a Regulatory Referral mechanism which shall be governed as per the provisions of the Memorandum of Understanding (MoU) or collaboration or special arrangement between IFSCA and corresponding overseas Regulator(s)<\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">The detailed framework may be accessed at <a href=\"https:\/\/ifsca.gov.in\/Viewer\/Index\/292\" target=\"_blank\" rel=\"noopener\">HERE <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Financial Services Centres Authority (IFSCA) has issued a detailed \u201cFramework for FinTech Entity in the IFSCs\u201d in order to develop <\/p>\n","protected":false},"author":8808,"featured_media":248110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-266149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IFSCA issues framework for FinTech entity in IFSCs | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/29\/ifsca-issues-framework-for-fintech-entity-in-ifscs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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