India has set a framework for a new Fintech regulatory sandbox.
In Brief:
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The sandbox will help firms large and small test products in a live environment.
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It’s for companies in the banking, capital markets and insurance sectors.
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The sandbox is being run by the International Financial Services Centres Authority (IFSCA), part of the Indian government.
What does this mean?
This is part of India’s plan to develop a smart city called the Gujarat International Finance Tec (GIFT) City, and the sandbox will operate there.
