The International Financial Services Centres Authority (IFSCA) on September 12, 2022 has issued Guidelines and Application Form for IFSCA FinTech Incentive Scheme, 2022.
The following has been stated namely: -
• This is applicable to:
1. Domestic FinTechs seeking access to overseas markets.
2. Domestic FinTechs seeking listing on IFSCA recognised stock exchanges.
3. Foreign FinTechs seeking market access to IFSCs in India and work within the Authority’s regulatory framework.
4. Foreign FinTechs seeking access to domestic market under Inter-Operable Regulatory Sandbox (IORS) framework.
5. Domestic FinTechs extend business to the IFSCs either by authorisation or registration or through the regulatory sandbox.
• The Grants contemplated under this scheme shall be available to eligible FEs
1. Who are part of the Authority’s Regulatory or Innovative Sandbox.
2. Which are referred to the Authority under a FinTech bridge arrangement with a Counterpart Regulator.
3. Which have either participated or are participating in any Accelerator or Cohort or Special Programme supported or recognised by the Authority.
4. Who are referred to by the entity(ies) including regulatory or supervisory bodies having a Memorandum of Understanding (MoU) or collaboration or special arrangement with the Authority.
