Hyderabad, May 2: International Financial Services Centres Authority (IFSCA) has signed an MoU with the IHub-Data, International Institute of Information Technology Hyderabad (IIIT-H) here.
The MoU was signed on Monday, with an aim to put in place a framework for cooperation and understanding between IFSCA and IHub-Data, IIIT-H to collaborate in supporting and facilitating FinTech and TechFin entities, IIIT-H said in a release here on Tuesday.
IFSCA is responsible for the development and regulation of international financial services, including that of the insurance sector, in the IFSC, which is treated as a separate international financial jurisdiction, distinct from the rest of India.
IFSCA aims to develop a strong global connection and focus on the needs of the Indian economy as well as to serve as an international financial platform at the regional/ global level.
IHub-Data is a Technology Innovation Hub for Data Banks, Data Services, and Data Analytics (IHub-Data), which was established by IIIT Hyderabad under the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS) scheme funded by Department of Science and Technology (DST) with an objective to bring closer different stakeholders – research community, academics, government officials, NGOs, industry leaders, incubating start-ups and social science critics -for enhancing or exploring mutual collaboration.
This MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech.
FinTechs and TechFins registered with IHub-Data may be facilitated to access IFSCA’s Regulatory and Innovation Sandbox and apply to the IFSCA (FinTech Incentive) Scheme 2022. (UNI)
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