Nearly a dozen fintech startups moved to IFSCA innovation sandbox

The regulatory sandbox initiative is to encourage fintech services across the spectrum of banking, insurance, securities and fund management

The International Financial Services Centres Authority (IFSCA) has shifted nearly a dozen fintech startups to its innovation sandbox — a framework that allows live experiments in a controlled environment under a regulator's supervision.

“Till now we have approved nearly 27 applications in the fintech scheme, of which nearly 10-12 have been moved to the innovation sandbox. These companies will be offering various financial services, including KYC, for offshore investments," said Praveen Trivedi, executive director, IFSCA, on the sidelines of an event on Tuesday.

These financial technology companies are offering insuretech, banking, and capital markets related services for facilitating cross-border transactions,