IFSCA Circular dated April 27, 2022 on “Framework for FinTech Entity in the IFSCs” empowers IFSCA to grant Authorization or Limited Use Authorization to all eligible domestic and foreign FinTech/Techfin entities, as a “Fintech Entity” under the said framework.
Are you a FinTech Entity?
‘FinTechs’ are categorized as those entities providing financial technology solutions that result in new business models, applications, process or products in financial services regulated by IFSCA.
The following are eligible FinTech Applicants:
In case Applicant is from India:
- An entity registered with DPIIT as start-up related to FinTech; or
- Branch of an Indian Company or LLP in IFSC; or
- An entity working directly or indirectly in the ecosystem regulated by RBI / SEBI/ IRDAI/ PFRDA
In case Applicant is from outside India:
An entity from jurisdictions except those jurisdictions which are identified in the public statement of FATF as “High-Risk Jurisdictions subject to a Call for Action” (i.e. black list)
Permissible Areas/Activities of IFSCA under FinTech
Click Here to understand the illustrative list of permissible Areas/Activities of IFSCA under “FinTech”.
Steps to proceed for FinTech Application:
If your solution forms part of any of the above mentioned illustrative list of areas/ activities under FinTech, you may want to proceed with application under,
A FinTech that has been granted Authorization/ LUA as a FinTech Entity shall be eligible to apply for grants in accordance with International Financial Services Centres Authority (FinTech Incentive) Scheme, 2022.
Please click here for more details.
If not a FinTech, then?
If your solution does not form part of above-mentioned illustrative list of areas/ activities, click here to check if you are a TechFin to proceed with!!
If you are looking out for mentorship to scale fast, click here to connect with our Mentors.If you still have any further doubts and wish to connect with us, please drop in an e-mail (on email@example.com) with a pitch deck of your proposed solution and we shall get in touch with you at the earliest.