1. IFSCA has been granting Authorization and Limited Use Authorization as ‘FinTech Entity’ to the eligible TechFins who are providing an advanced or emerging technology solution in allied areas/activities which aid and assist activities in relation to financial products, financial services and financial institutions.
2. Under the Framework, the following illustrative allied areas/activities aiding and assisting activities in relation to financial products, financial services and financial institutions (TechFin) have been enabled: -
(a) Agri Tech
(b) Accelerators
(c) Climate/Green/Sustainable Tech
(d) Defence Tech
(e) Regulatory Tech
(f) Space Tech
(g) Supervisory Tech
(h) Technology solution supporting Digital banking (example Core Banking etc.)
(i) Technology solution aiding Trade Finance
(j) Solutions/services for BFSI domain leveraging:
(i) Artificial Intelligence / Machine Learning
(ii) Big Data
(iii) Biometrics
(iv) Chatbots
(v) Cyber Security
(vi) Digital Identity / KYC / AML / CFT
(vii) Distributed Ledger Technology
(viii) Fraud Detection / Prevention
(ix) Internet of Things (IoT)
(x) Longevity Finance
(xi) Metaverse including Augmented Reality and/or Virtual Reality
(xii) Quantum Tech
(xiii) Web 3.0
The International Financial Services Centres Authority (IFSCA) has been established to regulate and develop financial services in the International Financial Services Centres (IFSCs) located in India.
