Fintech hits the mainstream with fresh incentives.

TLDR:

India’s fintech sector is booming and set to reach a valuation of USD150 billion-USD160 billion by 2025. To further enhance the sector, the International Financial Services Centres Authority (IFSCA) has introduced the FinTech Incentive Scheme, 2022. This scheme aims to support and incentivize local and foreign fintech entities (FE) operating in the Gujarat International Finance Tec-City (GIFT City). The scheme offers grants ranging from INR1 million to INR7.5 million for new projects, encourages collaboration with financial institutions, and promotes international expansion. Compliance with regulations, corporate governance, and reporting requirements is crucial for applicants. The scheme aims to solidify India’s global fintech leadership through cross-border ventures, international partnerships, and targeted FDI incentives.

The article discusses the key elements of the FinTech Incentive Scheme, 2022 introduced by the International Financial Services Centres Authority (IFSCA) to boost India’s fintech sector and financial innovation.

Key Points:

• India’s fintech sector is set to reach a valuation of USD150 billion-USD160 billion by 2025.
• The FinTech Incentive Scheme, 2022 aims to support and incentivize local and foreign fintech entities operating in GIFT City.

Article Summary:

The article highlights how India’s fintech sector is leading globally and is on track to reach a valuation of USD150 billion-USD160 billion by 2025. To further boost the sector, the IFSCA has introduced the FinTech Incentive Scheme, 2022. This scheme offers grants ranging from INR1 million to INR7.5 million for new projects, encourages collaboration with financial institutions, and promotes international expansion. Compliance with regulations, corporate governance, and reporting requirements is crucial for applicants. The scheme aims to solidify India’s global fintech leadership through cross-border ventures, international partnerships, and targeted FDI incentives.