New Delhi, Mar 22 (IANS): FICCI-IFSCA signed a Memorandum of Understanding (MoU) to establish a framework for collaboration and co-operation for development of Gujarat International Finance Tec-City (GIFT) IFSC as a world class FinTech Hub.

This MoU will pave the way for future collaborations and cooperation between IFSCA and FICCI for development of world class FinTech Hub in GIFT IFSC.

FICCI will also assist IFSCA in development of FinTech Accelerator programmes in GIFT IFSC amongst other cooperation areas.

The MoU was signed by Injeti Srinivas, Chairman, IFSCA and Dilip Chenoy, Secretary General, FICCI.

India's FinTech ecosystem has seen tremendous growth over the last 5 years and India continues to be ranked among the top 5 FinTech investment destinations. Over the period Indian FinTech have become a hotbed of customer-centric innovation.

Sleek and efficient offerings across payments, lending, insurance, wealth management and broking have disrupted industries and transformed the face of financial services. The Indian FinTech industry is fast maturing supported by a well-functioning ecosystem and is bound to grow multi-fold in the coming years.

Many FinTechs from India are exploring and expanding their geographical footprint and IFSCA can help these fintech companies expand overseas.