- The GICs in GIFT City will set up high-end processing centres related to financial services to provide financial support services.
- The GIFT Special Economic Zone (SEZ) includes benefits such as a competitive tax, ease of doing business, lower operational costs, and state-of-the-art infrastructure.
Background:
i.In October 2020, the Government of India, on the recommendation of IFSCA (International Financial Services Centres Authority), had notified GIC as a financial service to provide services relating to financial products and financial services. After which, IFSCA has approved the IFSCA (GIC) Regulations, 2020.
ii.In November 2020, IFSCA notified the IFSCA (GIC) rules and operating framework to recognise and operationalise GICs in GIFT IFSC.
FinX Labs Opens Start-up Accelerator at IFSC, GIFT city
Financial Innovation & AnalytiX Lab (FinX Labs) has opened its startup accelerator and co-working space in the IFSC at GIFT City.
- Through this, FinX became the first entity to open a start-up accelerator in the fintech space at GIFT City.
- FinX Labs signed a Memorandum of Understanding (MoU) with National Stock Exchange (NSE) as a knowledge partner.
- FinX would create a start-up ecosystem to provide funding, networking, and access to global financial centers for upcoming entrepreneurs in the fintech space.
Recent Related News:
On July 14, 2021, the IFSCA, the regulator of GIFT – City, constituted an expert committee to recommend the road map and approach towards the development of the Longevity Finance Hub in GIFT IFSC.
About Financial Innovation & AnalytiX Lab (FinX Labs):
It is a joint venture between DevX Co-working & Accelerator, Flexworx by Collated, and Savvy Infrastructure’s Jaxay Shah.
Headquarters – Seoul, South Korea
Director – Jae Wook Song
About ANSR Global Corporation Private Limited (ANSR):
It is a global firm that designs, establishes and operates GICs. So far it has established over 75 GICs.
Headquarters (Global) – Dallas, USA
Headquarters (India)- Bangalore, Karnataka
Founder & CEO – Lalit Ahuja
