International Financial Services Centres Authority inks MoU with IIML–EIC to boost FinTech support

Noida (Uttar Pradesh) [India], July 12 :  International Financial Services Centers Authority (IFSCA) and IIML-EIC, have signed a MoU to collaborate in supporting and facilitating FinTech and TechFin entities.

“The Memorandum of Understanding aims to put in place a framework for cooperation and understanding between IFSCA and IIML-EIC to collaborate in supporting and facilitating FinTech and TechFin entities,” an official release said.

It said IFSCA is responsible for the development and regulation of international financial services, including that of the insurance sector, in the IFSC (International Financial Services Centre) which is treated as a separate international financial jurisdiction, distinct from rest of India.

“IFSCA aims to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform at regional and global level,” the release said.

IIML-EIC is promoted by the Indian Institute of Management Lucknow and supported by National Science & Technology Entrepreneurship Development Board (“NSTEDB”) and Uttar Pradesh government.

“IIML-EIC is focused on providing speed and faster growth to new ventures for successful commercialization of technology or product through a combination of accelerator programme, seed capital, corporate venture capital funds, smart co-working space, corporate market access, mentoring and training programmes,” the release said.

The MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech.

FinTechs registered with IIML-EIC may be facilitated to access IFSCA's Regulatory and Innovation Sandbox and apply to the IFSCA (FinTech Incentive) Scheme, 2022.

The MoU was signed at (Indian Institute of Management) Lucknow EIC, Noida campus in Uttar Pradesh.