The India International Financial Services Centres Authority (IFSCA) has approved the IFSCA FinTech Sandbox Framework for applicants seeking access to IFSCA’s sandboxes, setting out how FinTech and TechFin ideas, products and solutions can be tested within the International Financial Services Centre (IFSC) ecosystem. The framework, informed by experience under the 27 April 2022 framework for FinTech entities in IFSCs as well as stakeholder feedback, expands eligibility to include individuals and groups affiliated with recognised academic institutions, incubators and accelerators in India and Financial Action Task Force compliant jurisdictions. Applications must be submitted via the Single Window IT System (SWIT) through a two-stage process, with preliminary applications evaluated within 30 days and final applications within 60 days. It also introduces a two-stage approval mechanism, moving from in-principle approval with prescribed conditions (including, where necessary, onboarding a testing partner) to limited use authorisation once those conditions are met, enables market exploration for developed products within IFSC, and broadens eligible testing to cover all financial services, products and institutions regulated or proposed to be regulated by IFSCA.
India International Financial Services Centres Authority 2026-03-16
India International Financial Services Centres Authority approves FinTech Sandbox Framework with expanded eligibility and a two-stage application and approval process
The India International Financial Services Centres Authority (IFSCA) approved the FinTech Sandbox Framework, enabling FinTech and TechFin innovations testing within the IFSC ecosystem. Eligibility now includes individuals and groups affiliated with recognized academic institutions, incubators, and accelerators in India and Financial Action Task Force compliant jurisdictions. A two-stage approval process facilitates market exploration for developed products within IFSC.