IFSCA prescribes a framework for FinTech entities in IFSC

IFSCA Circular no. F.No. 521/IFSCA/FinTech/FE Framework/2022-23 dated 27-04-2022

The IFSCA has prescribed a framework for the authorization of the FinTechs in the IFSCS. The framework would be applicable to all eligible Domestic or Foreign entities, desirous of obtaining authorization as FinTech Entity (FE) from IFSCA, for participating in undertaking one or more of the permissible activities under this framework. FinTech Entity means an entity authorized by the authority under the appropriate framework and shall include both domestic and foreign FinTechs.

FinTech’ includes financial technology solutions which result in new business models, applications, process or products in financial services regulated by the Authority or advanced/innovative technology solutions which aid and assists activities in relation to financial products, financial services and financial institutions.

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