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ARTICLE · 29 MAY 2024

Empowering Financial Innovation: IFSCA FinTech Incentive Scheme

Singhania & Co
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The FinTech industry in India is experiencing exponential growth, positioning the country as a global leader in financial innovation.

IndiaTechnology
Kunal Sharma
Kunal Sharma
Tanmay Banthia
Tanmay Banthia
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The FinTech industry in India is experiencing exponential growth, positioning the country as a global leader in financial innovation. With the third-largest ecosystem and the fastest growth rate, India's FinTech sector is projected to reach a valuation of $150-160 billion by the year 2025. Recognizing this potential, the International Financial Services Centres Authority (IFSCA) established under the International Financial Services Centres Act, 2019 has launched the FinTech Incentive Scheme, 2022 ("Scheme"), to further boost the development of the FinTech sector in India.

The Scheme aims to establish a world-class FinTech hub in GIFT City, India's first international financial services centre. The scheme provides support and incentives to both domestic and foreign fintech companies/entities ("FEs") operating within the IFSC, with a focus on targeting international markets, IFSC stock exchange listing, and accessing the Indian IFSC market. The scheme encourages the

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