Implementation of Risk-Based Supervision (RBS) at IFSCA   The International Financial Services Centres Authority (IFSCA) is responsible for regulating and developing the financial ecosystem in the IFSC, which includes banking, capital markets, insurance, and pension funds. To ensure the safety and soundness of the IFSC financial ecosystem, IFSCA has decided to implement a Risk-Based Supervision (RBS) framework. Objectives of RBS: Proactive Risk Identification: To proactively identify and assess risks in the financial ecosystem. Optimal Resource […]

IFSCA Regulations Revolutionizing Insurance Web Aggregators in 2022: Enhancing Retail Business Through Technology   Introduction The IFSCA (Insurance Web Aggregator) Regulations, 2022 have introduced a comprehensive regulatory framework to promote retail business through technology. These regulations aim to enhance clarity and conciseness, improve the use of active voice, and incorporate   s, transitional words,  points, and unique content to ensure a high-quality and comprehensive revision. The revised content will be tailored to the target audience, maintaining […]

IFSCA (Insurance Web Aggregator) Regulations, 2022: Transforming Insurance Distribution through Technology Introduction In today’s digital age, technology has revolutionized various industries, including insurance. The International Financial Services Centre Authority (IFSCA) recognizes the immense potential of technology-driven distribution channels and has introduced the comprehensive IFSCA (Insurance Web Aggregator) Regulations, 2022. These regulations aim to leverage insurance web aggregators (IWA) to enhance customer experience, foster competition, and promote retail business within the International Financial Services Centre (IFSC). […]

Guidance Framework for Sustainable and Sustainability Linked Lending by Financial Institutions Introduction This article presents a guidance framework for sustainable and sustainability-linked lending by financial institutions in the banking/finance industry. The framework provides clear instructions on computing Environmental, Social, and Governance (ESG) targets for Banking Units (IBUs) and Financial Corporations (FCs)/ Financial Units (FUs) engaged in lending activities within International Financial Services Centres (IFSCs). Purpose and Methodology The circular aims to assist financial institutions in […]

IFSCA’s Impressive Engagements in the Fintech Industry Introduction IFSCA, as an active player in the fintech sector, has been involved in various significant initiatives and collaborations. From participating in global forums to forging strategic partnerships, IFSCA has demonstrated its commitment to fostering innovation and driving advancements in financial technology. This article highlights some of the noteworthy engagements and collaborations undertaken by IFSCA. Inclusive FinTech Forum (IFF) 2023 IFSCA made a significant contribution to the Inclusive […]