International Financial Services Centres Authority (IFSCA) inks MoU with BITS Pilani PIEDS Finxcelerator

International Financial Services Centers Authority (IFSCA) and PIEDS BITS Pilani, today signed a Memorandum of Understanding at BITS Pilani PIEDS Finxcelerator, Pilani Campus in Rajasthan

This MoU aims to put in place a framework for cooperation and understanding between IFSCA and BITS Pilani PIEDS Finxcelerator to collaborate in supporting and facilitating FinTech and TechFin entities.

The 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. The IFSCA aims to develop a strong global connection and focus on the needs of the Indian economy as well as serve as an international financial platform at regional/global level.

The Pilani Innovation and Entrepreneurship Development Society (PIEDS) TBI BITS Pilani, Pilani Campus is a non-profit corporation, its initiatives are disseminated through incubation, acceleration, seed funding, and innovation. PIEDS has supported more than 170 startups, incubated 132 startups and funded 62 startups. We aim to provide world-class support for DeepTech Innovations, leading advanced technology labs, mentoring experts, product innovation and accelerator programs. We have expert mentors in defense and aerospace, robotics, IoT and other related areas.

This Memorandum of Understanding will allow for cooperation and collaboration on various initiatives regarding FinTech. FinTechs registered at BITS Pilani PIEDS can be facilitated in accessing the IFSCA Regulatory and Innovation Sandbox and applying for the IFSCA (FinTech Incentive) Scheme, 2022.