FICCI-IFSCA sign MoU for development of GIFT City as world-class Fintech hub

Mar 22, 2021

NEW DELHI, 22 March 2021: FICCI-IFSCA signed a Memorandum of Understanding (MoU) to establish a framework for collaboration and co-operation for development of Gujarat International Finance Tec-City ('GIFT') IFSC as a world class FinTech Hub.

This MoU will pave the way for future collaborations and cooperation between IFSCA and FICCI for development of world class FinTech Hub in GIFT IFSC. FICCI will also assist IFSCA in development of FinTech Accelerator programmes in GIFT IFSC amongst other cooperation areas.

The MoU was signed by Mr Injeti Srinivas, Chairman, IFSCA and Mr Dilip Chenoy, Secretary General, FICCI.

Others industry members present at the occasion included Mr Bhargav Dasgupta, Chair, FICCI Insurance Committee and Managing Director & CEO, ICICI Lombard General Insurance Company Ltd; Mr Sudhakar Ramasubramanian, Advisor, FICCI Fintech Committee; Mr V Govindarajan, Co-chair, FICCI Fintech Committee and Co-Founder and Director, Perfios; Mr Srinivasu MN, Co-chair, FICCI Fintech Committee and Co-founder and Director, Billdesk; Mr Adhil Shetty, Co-chair, FICCI Fintech Committee and Co-founder and CEO, BankBazaar.com; Mr M V Tanksale, Advisor, FICCI and Former Chief Executive, Indian Banks' Association.

India's FinTech ecosystem has seen tremendous growth over the last 5 years and India continues to be ranked among the top 5 FinTech investment destinations. Over the period Indian FinTech have become a hotbed of customer-centric innovation. Sleek and efficient offerings across payments, lending, insurance, wealth management and broking have disrupted industries and transformed the face of financial services. The Indian FinTech industry is fast maturing supported by a well-functioning ecosystem and is bound to grow multi-fold in the coming years. Many FinTechs from India are exploring and expanding their geographical footprint and IFSCA can help these fintech companies expand overseas.