Economic Survey: GIFT IFSC an emerging city for fintech innovation in India
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“As of September 2024, 60 entities had registered as FinTechs or TechFins in GIFT-IFSC, reflecting the region’s dynamic FinTech landscape,” the report, tabled by finance minister Nirmala Sitharaman on Friday, said.
Also, IFSCA has conducted 13 hackathons and received 152 applications from 14 jurisdictions under its FinTech Entity framework, it added.
The business district, which is promoted as a premier financial services area in the country, has jumped four places to rank 45 in the Fintech rankings in the Global Financial Centres Index 36, the report highlighted.
It has grown its financial heft with multiple global and domestic lenders opening their branches there to support transactions happening via the city. The total size of assets held by these banking units crossed $70 billion and the total credit exposure stood at $51 billion, according to the Survey.
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