International Financial Services Centres Authority (IFSCA) is a unified regulatory authority vested with the powers of all four financial sector regulators in India namely, the RBI, SEBI, IRDAI and PFRDA for the purpose of enabling regulatory framework towards the development of International Financial Services Centres (IFSCs) in India. The aim of IFSCA is to provide an efficient and facilitative regulatory system comparable with the best in the world that is complemented with complete ease of doing business to develop IFSCs as a preferred global hub for international financial services.
Globally, FinTech hubs have been successful when FinTechs are able to collaborate with Financial Institutions (Banks, Insurance Companies, Stock Exchanges, Funds, etc.) and Regulators. Government and government agencies around the world have supported various types of initiatives to enable and augment such collaboration and have fostered ecosystems for the FinTechs.
In the Union Budget 2021, the Hon’ble Finance Minister announced that Government of India would be supporting a world class FinTech hub at GIFT IFSC. In line with this mandate, IFSCA has planned to hold a FinTech thought leadership event “InFinity Forum” as an annual feature beginning 2021.
A series of hackathons/ cohorts were planned as a prelude to the “InFinity Forum 1.0” focused on Banking, Insurance and Capital Markets verticals. The journey continues even thereafter.
Year-wise launch of iSprints are as below :