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FICCI and IFSCA Signed an MoU to develop GIFT City as a world-class FinTech Hub

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FICCI-IFSCA sign MoU for development of GIFT CityFederation of Indian Chambers of Commerce and Industry(FICCI) and International Financial Services Centres Authority (IFSCA) signed a Memorandum of Understanding (MoU) to establish a framework for collaboration and co-operation for the development of Gujarat International Finance Tec-City (‘GIFT’) IFSC.

The MoU will lead to future collaborations and cooperation between IFSCA and FICCI for the development of a world-class FinTech Hub in GIFT IFSC.

  • FICCI will also assist IFSCA in the development of FinTech Accelerator programmes in GIFT IFSC among the other cooperation areas.

Other members present at the MoU:

  • ICICI Lombard General Insurance Company Ltd, MD & CEO – Mr Bhargav Dasgupta
  • Co-founder and Director, Billdesk –  Mr Srinivasu MN
  • Co-founder and CEO, – Mr Adhil Shetty
  • Former Chief Executive, Indian Banks’ Association – Mr M V Tanksale
  • Co-Founder and Director, Perfios- Mr V Govindarajan

India’s Fintech ecosystem:

  • According to the Fintech Report 2020 by MEDICI India has around 2174 FinTech startups as of December 2020 in which Bengaluru and Mumbai lead and represent 42% of the startup headquarters.
  • The top five FinTech destinations include Mumbai, Bangalore, New Delhi, Gurugram, and Hyderabad

Factors that lead to India’s Fintech growth:

  • RBI’s nod to video-based KYC as an alternative to physical verification and
  • SEBI’s Innovative Sandboxes -The initiative where startups can develop and experiment with innovative products in a controlled environment

Recent Related News:

On 1st March 2021, The National Stock Exchange of India Limited (NSE India) signed a Memorandum of Understanding(MoU) to set up a market infrastructure institution which consists of International Bullion Exchange(IBX), clearing corporation and depository, at the Gujarat International Finance Tec (GIFT) City in Gujarat.

About Federation of Indian Chambers of Commerce and Industry(FICCI):

Establishment – 1927
Headquarters– New Delhi
President – Uday Shankar

About International Financial Services Centres Authority (IFSCA) 

Establishment – April 27, 2020, under the International Financial Services Centres Authority Act, 2019.
Headquarters – GIFT City, Gandhinagar, Gujarat.
Chairman – Injeti Srinivas