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To affirm its commitment towards innovation, International Financial Services Centres Authority (IFSCA) conducted 13 hackathons and received 152 applications from 14 jurisdictions under its fintech entity framework
GIFT City works with the aim to become a hub for international businesses and a price setter instead of a price taker for a few financial instruments, namely bullion
The survey highlighted that GIFT IFSC has been witnessing strong numbers with more than 720 entities across categories
Around 60 entities have registered as fintechs or techfins in GIFT-IFSC as of September 2024, according to the Economic Survey 2024-25 tabled by the union finance minister Nirmala Sitharaman in the Parliament today (January 31).
To affirm its commitment towards innovation, International Financial Services Centres Authority (IFSCA) conducted 13 hackathons and received 152 applications from 14 jurisdictions under its fintech entity framework, the survey said.
With the GIFT (Gujarat International Finance Tec) City decking up to embrace the flourishing fintech industries, tech giants Infosys and Wipro were said to be among the first Indian software companies to roll out their fintech hubs in the GIFT City, as per reports from September 2024.
To note, the GIFT City works with the aim to become a hub for international businesses and a price setter instead of a price taker for a few financial instruments, namely bullion.
By encouraging entrepreneurship, helping startups expand their domestic businesses, and setting up a world-class infrastructure, GIFT City is making all efforts to be comparable to any other leading IFSC in the world.
The Centre initially notified the rules for direct listing of Indian companies on the exchanges of the GIFT City, in January 2024.
Months after that, chairman of IFSCA, K Rajaraman said that the Securities and Exchange Board of India (SEBI) would be revising norms for direct listing of companies at GIFT City by August 2024.
The survey further highlighted that GIFT IFSC has been witnessing strong numbers with more than 720 entities across categories, where international and domestic financial services arena is crawling towards this jurisdiction which benefits from unrestricted currency convertibility as it is classified as a non-resident zone under the foreign exchange management regulations.
In March last year, the Centre and the Asian Development Bank (ADB) inked a $23 Mn loan agreement to spur research and innovation in the fintech space at the GIFT City, where an International Fintech Institute (IFI) would be established to boost and incubate fintech startups and drive research in the sector.
