The International Financial Services Centers Authority (IFSCA) and IIML-EIC today signed a Memorandum of Understanding at the IIM (Indian Institute of Management) Lucknow EIC, Noida campus in Uttar Pradesh.
This MoU aims to put in place a framework for cooperation and understanding between the IFSCA and the IIML-EIC 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 IIML -EIC IIML EIC is promoted by the Indian Institute of Management Lucknow and supported by the National Science & Technology Entrepreneurship Development Board (“NSTEDB”), Department of Science and Technology (“DST”), Government of India and Government of state of Uttar Pradesh. The IIML EIC focuses on delivering speed and faster growth to new ventures for successful technology/product commercialization through a combination of Accelerator Program, Seed Capital, Enterprise Venture Capital Funds, Co-Working Space smart, enterprise market access, mentoring and training programs.
This Memorandum of Understanding will allow for cooperation and collaboration on various initiatives regarding FinTech. FinTechs registered with IIML EIC can be facilitated to access the IFSCA Regulatory and Innovation Sandbox and apply for the IFSCA (FinTech Incentive) Scheme, 2022.
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