Chairperson International Financial Services Centers Authority Injeti Srinivas was invited to deliver a keynote address on “ Policy Dialogue – Directing ESG Governance for the Financial Industry “ at the Singapore Fintech Festival 2022 being held at Singapore. He was joined in this policy dialogue by Nikhil Rathi Chief Executive Officer of United Kingdom’s Financial Conduct Authority.
The Co-founder and CEO of Alliance for Innovative regulation Jo An Barefoot moderated the policy dialogue. In the policy dialogue session on ‘Directing ESG governance for the financial services industry’, a panel of global policymakers led by Chairperson IFSCA’s elucidated what robust and effective governance looks like and discussed the operational challenges to implementing it.
Chairperson also visited the IFSCA stall 4E39 at Expo pavilion Hall no and met various Fintech industry stakeholders , policy makers and who’s who of the global Fintech ecosystem. His visit encouraged and motivated IFSCA Fintech team which set up IFSCA stall at Singapore Fintech Festival 2022 Expo and showcase IFSCA’s unique enabling and facilitating unified regulator positioning for creating robust Fintech ecosystem at India’s first International Financial Services Centre( IFSC) at GIFT City Gandhinagar Gujarat.
Earlier Mr Ravi Menon , Managing Director Monetary Authority Singapore ( MAS) also spoke at the SFF 22 plenary . IFSCA and the Monetary Authority of Singapore ( MAS) have earlier signed an MOU in the month of August 2022 for enabling the Fintech Bridge between the two World class regulators to promote and create synergies for the Fintech industry as a whole in Asia and elsewhere.
The International Financial Services Centres Authority (IFSCA) was established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar in Gujarat.
Role of IFSCA
The IFSCA is a unified Authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, the GIFT IFSC is the maiden international financial services centre in India. Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.
As the dynamic nature of business in the IFSCs requires a high degree of inter-regulatory coordination within the financial sector, the IFSCA has been established as a unified regulator with a holistic vision in order to promote ease of doing business in IFSC and provide a world class regulatory environment. The main objective of the IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economy People journalist was involved in the writing and production of this article.