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 are being planned as a prelude to the “InFinity Forum”. The first of the series shall be focused on the "Banking" sector and shall be hosted by IFSCA and GIFT City in collaboration with NITI Aayog. Two partner banks (ICICI and HSBC) are expected to add value to the proceedings. The plan is to provide the winners an entry into the “Regulatory Sandbox” of IFSCA and subsequently result into successful business. The two partner banks are expected to collaborate with the winning FinTechs in the regulatory sandbox to usher in a business environment that can validate the commercial viability of the product/service as required by the industry, there by adding value to all the stakeholders in the ecosystem.View More
*The members of an individual’s immediate family include the individual’s spouse, children and stepchildren, parents and stepparents, and siblings and stepsiblings. The members of an individual’s household include any other person that shares the same residence as the individual for at least three (3) months out of the year.
**Agents include individuals or organizations that in creating a Submission to the Hackathon, are acting on behalf of, and at the direction of, a Promotion Entity through a contractual or similar relationship.
***An affiliate is: (a) an organization that is under common control, sharing a common majority or controlling owner, or common management; or (b) an organization that has a substantial ownership in, or is substantially owned by the other organization.
Note : An Applicant may apply for more than one problem statements.
|Screening||1st round evaluation||The applications will be screened for relevance to the problem statement and the stage of the product/solution.|
|Evaluation||2nd round evaluation||The screened applications will be subjected to detailed evaluation basis technology / business model / scalability / and (demo)|
|3rd round evaluation||The evaluated applicants will be required to present/pitch before the Jury.|
|Mentoring||The selected FinTechs will undergo a 2 week mentoring to fine-tune solutions as per bank's requirements|
|4th round evaluation||The selected FinTechs will give a final presentation / pitch to the Jury|