The International Financial Services Centres Authority on 24th April 2022, has notified IFSCA (FinTech Incentive) Scheme, 2022 in order to promote the establishment of a world class FinTech Hub,comparable with those located in advanced International Financial Centers (IFCs) across jurisdictions, at International Financial Services Centre (IFSC) in India by providing financial support to FinTech activities in the form of specific grant(s) as specified in the scheme, based on their eligibility and fulfilment of terms and conditions as may be specified.
An eligible applicant shall make the application in the form and manner, containing such particulars and accompanied by such documents and fees, as may be specified by the Authority and on receipt of application, the Authority shall scrutinize the application and conduct due diligence with respect to eligibility, compliance with regulatory requirements including KYC-AML guidelines, disclosure norms, corporate governance norms and any other criteria as may be specified by the Authority.
The FE (FinTech Entity) shall undertake not to implement a successful solution using the grant under this scheme in any other jurisdiction for a period of 3 years. If the FE fails to meet any conditions of the sanction of a grant, the FE shall undertake to return the grant to the Authority along with simple interest at the rate of 8% per annum
The disbursement shall be done on ‘reimbursement’ basis after submission of necessary documents,invoices, technical reports, etc. The Authority shall normally release the disbursement within 30 working days of submission of all the documents.
