KSUM signs pact with IFSCA to bolster fintech startups
Kochi / July 24, 2023
Kochi, July 24: Kerala Startup Mission (KSUM) has tied up with the International Financial Services Centres Authority (IFSCA) for stronger support to nascent fintech and techfin firms through increased capital and wider global network in the next three years.
KSUM and IFSCA signed a memorandum of understanding in the city last week, subsequently interacting with select fintech startups and holding a session on the international authority’s services as well as schemes. The July 21 pact was inked between KSUM Chief Executive Officer Anoop Ambika and IFSCA Chief Technology Officer Joseph Joshy at the Integrated Startup Complex in Kalamassery, 20 km north of the city.
The MoU permits seeking inputs from each other on developmental matters relating to the fintech industry, while also collaborating on events that include global hackathons and education programs. The parties can jointly hold symposia, webinars and conferences for the growth of fintech at IFSC in GIFT (Gujarat International Financial Tec-City) of Gandhinagar district, pointed out Mr Ambika, noting that the agreement will enable KSUM startups to know more about the global trends in the domain.
Fintechs are businesses that use technology to modify, enhance, or automate financial services for businesses or consumers, while techfins provide software solutions that are not primarily finance-related. As per the MoU, KSUM-registered fintechs can find listed on international exchanges within IFSC to raise capital. The signatories can create a Joint Working Group or similar mechanisms to discuss mutual interests and remove difficulties.
Also, KSUM-registered fintechs will get access to IFSCA's Regulatory and Innovation Sandbox. They can also apply to the IFSCA FinTech Incentive Scheme 2022 for grants.
The 2020-founded IFSCA’s mandate is to develop and regulate financial products, financial services and financial institutions in the country’s international financial services centre. KSUM is Kerala government’s nodal agency established in 2006 for entrepreneurship development and incubation activities in the state.
