International Financial Services Centres Authority (IFSCA) has introduced a Framework for Regulatory Sandbox to tap into innovative FinTech solutions.
Daily Current Affairs Quiz 2020
Key-Points
IFSCA has an objective to develop a world class FinTech hub at the IFSC located at GIFT City in Gandhinagar (Gujarat, India).
Thus, it endeavours to encourage the promotion of financial technologies (‘FinTech’) initiatives in financial products and financial services across the spectrum of banking, insurance, securities and fund management.
As a step towards attaining this vision, IFSCA has introduced a framework for “Regulatory Sandbox”.
Under this Sandbox framework, entities operating in the capital market, banking, insurance and financial services space shall be granted facilities to experiment with innovative FinTech solutions in a live environment with a limited set of real customers for a limited time frame.
These features shall be fortified with necessary safeguards for investor protection and risk mitigation. The Regulatory Sandbox shall operate within the IFSC located at GIFT City.
