In news
International Financial Services Centres Authority (IFSCA) and GIFT City launched I-Sprint’21, the global FinTech Hackathon Series of IFSCA on 7th October 2021.
The aim of the Hackathon
- To connect IFSCA and GIFT IFSC with FinTech Ecosystem
- To solve Business Problems for the Banking Units at GIFT IFSC and
- To promote retail business for the Banking Units at GIFT IFSC.
International Financial Services Centres Authority
- The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs) in India.
- IFSCA endeavours to encourage the promotion of financial technologies (‘FinTech’) initiatives across the spectrum of banking, insurance, securities and fund management in IFSC. I
- The first Sprint of the series “Sprint01: BankTech” is focussed on FinTechs for the Banking sector.
- World Class FinTech Hub” at GIFT IFSC, IFSCA had introduced a framework for “Regulatory Sandbox” in October 2020 which allows the FinTech entities to have facilities and flexibilities to experiment with innovative FinTech solutions in a live environment with a limited set of real customers for a limited time frame.
- The finalists of this Hackathon shall be allowed direct entry into IFSCA Regulatory/Innovation Sandbox.
Source: PIB
