Brief Overview:

To facilitate continued growth of FinTech innovations at IFSCs from Indian & foreign jurisdictions a FinTech Sandbox Framework is proposed.

Technical Details:

Key Highlights

1) Open to FinTech, startups, institutions, and academic bodies both domestic & foreign.

2)  Access to 4 sandbox options: –

(a) Regulatory Sandbox– Live testing with limited set of real customers.

(b) Innovation Sandbox– Testing in isolation from the live market.

(c) Inter-operable Regulatory Sandbox (IoRS)– For products involving multiple regulators.

(d) Overseas Regulatory Referral Mechanism– Collaboration with overseas regulators.

3) Streamlined application process through the SWIT portal & examined within 30 days.

4) Limited Use Authorisation allows live testing for up to 12 months extendable by 6 months.

5) Regulatory exemptions available on a case-to-case basis.

Takeaways:

Game-changer for FinTech pilots, offering a flexible, low-risk space to test in live or data environments with regulatory cooperation and clear exit mechanisms.

For further details, please see:

International Financial Services Centres Authority

For any queries/clarifications, please feel free to ping us and we will be happy to chat: