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 (“I-Sprint’21” Series) are also being planned as a prelude to “InFinity Forum’. Sprint01: BankTech, the first of the series focused on the "Banking" sector has been launched. We are now launching ‘Sprint03-Insure-Tech’ focusing on Insure-Tech and shall be hosted by IFSCA and GIFT City in collaboration with FICCI. Two partner insurance companies 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 insurance companies 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
InsureTechs can provide technology to address the same and come up with a unified approach.
The solution proposed should be complaint with all applicable laws (including FATF compliance) and reporting requirements.
|1st round evaluation||The applications will be screened for relevance to the problem statement and the stage of the product/solution.
The screened applications will be subjected to detailed evaluation by Insurance Partners basis technology / business model / scalability / and (demo)
|2nd round evaluation||The evaluated applicants will be required to present/pitch before the Jury.|
|Mentoring||The selected FinTechs will undergo a 1-week mentoring to fine-tune solutions as per requirements of the Insurance Partners|
|3rd round evaluation||The selected FinTechs will give a final presentation / pitch to the Jury|