IFSCA inks MoU with IHub-Data, IIT- Hyderabad to support FinTech

Hyderabad Desk

Hyderabad: International Financial Services Centres Authority (IFSCA) and IHub-Data, IIIT Hyderabad signed an MoU at IIIT Hyderabad campus today.

This MoU aims to put in place a framework for cooperation and understanding between IFSCA and IHub-Data, IIIT Hyderabad to collaborate in supporting and facilitating FinTech and TechFin entities.
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. IFSCA aims to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform at the regional/ global level.

IHub-Data is a Technology Innovation Hub for Data Banks, Data Services, and Data Analytics (IHub-Data) at IIIT Hyderabad which was established by IIIT Hyderabad under the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS) scheme funded by DST, Govt of India with an objective to bring closer different stakeholders – research community, academics, government officials, NGOs, industry leaders, incubating start-ups and social science critics -for enhancing or exploring mutual collaboration.

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The cornerstone development for IHub-Data lies at the interdisciplinary boundaries of science, engineering, and sociology that promise to have an impact on the larger society as such.

This MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech. FinTechs and TechFins registered with IHub-Data, IIIT Hyderabad may be facilitated to access IFSCA’s Regulatory and Innovation Sandbox and apply to the IFSCA (FinTech Incentive) Scheme 2022.

The International Institute of Information Technology, Hyderabad (IIITH) is an autonomous research university founded in 1998 that focuses on the core areas of Information Technology, such as Computer Science, Electronics and Communications, and their applications in other domains through inter-disciplinary research that has a greater social impact.

Some of its research domains include Visual Information Technologies, Human Language Technologies, Data Engineering, VLSI and Embedded Systems, Computer Architecture, Wireless Communications, Algorithms and Information Security, Robotics, Building Science, Earthquake Engineering, Computational Natural Sciences and Bioinformatics, Education Technologies, Power Systems, Quantum Computing and Quantum Information, IT in Agriculture and e-Governance.

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