IFSCA inks MoU with IHub-Data, IIT-Hyderabad

Hyderabad: International Financial Services Centers Authority (IFSCA) and IHub-Data, IIIT Hyderabad signed an MoU at IIIT Hyderabad campus today.

This MoU aims to put in place a framework of collaboration and understanding between IFSCA and IHub-Data, IIIT Hyderabad to work together to support and facilitate FinTech and TechFin entities.
The IFSCA is responsible for the development and regulation of international financial services, including the insurance sector, in the IFSC, which is treated as a separate international financial jurisdiction, distinct from the rest of India. IFSCA aims to develop a strong global connection and focus on the needs of the Indian economy as well as to serve as an international financial platform at the regional/global level.

IHub-Data is a Technology Innovation Center for Data Banks, Data Services and Data Analytics (IHub-Data) at IIIT Hyderabad which was established by IIIT Hyderabad under the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS) scheme funded by DST, Government of India with an objective about bringing together different stakeholders – the research community, academics, government officials, voluntary organisations, industry leaders, incubating start-ups and social science critics – to strengthen or explore mutual collaboration.

The cornerstone development for IHub-Data lies at the interdisciplinary boundaries of science, engineering and sociology that promise to have an impact on the larger society as such.

This MoU will enable cooperation and collaboration on various initiatives regarding FinTech. FinTechs and TechFins registered with IHub-Data, IIIT Hyderabad can access IFSCA’s Regulatory and Innovation Sandbox and apply for IFSCA (FinTech Incentive) Scheme 2022.

The International Institute of Information Technology, Hyderabad (IIITH) is an autonomous research university founded in 1998 that focuses on the core areas of information technology, such as computer science, electronics and communication, and their applications in other domains through interdisciplinary research that has greater social impact.

Some of the research domains include Visual Information Technology, Human Language Technology, Computer Engineering, VLSI and Embedded Systems, Computer Architecture, Wireless Communication, Algorithms and Information Security, Robotics, Building Science, Earthquake Engineering, Computational Science and Bioinformatics, Educational Technology, Power Systems, Quantum Computing and Quantum Information, IT in Agriculture and e- governance.