Economic Survey 2025: Sixty entities have registered as fintechs in GIFT City under the new Fintech Entity framework

Economic Survey

Sixty companies have registered as fintechs in Gujarat International Finance Tec-City in Gandhinagar, Gujarat, according to Economic Survey 24-25.

The companies were selected by the International Financial Services Centres Authority (IFSCA) after conducting 13 hackathons and receiving 152 applications from 14 jurisdictions under its FinTech Entity framework.

The IFSCA was established in 2020 under an act of Parliament to develop GIFT as the country’s first global financial hub.

“This reflects the region’s dynamic fintech landscape while showcasing IFSCA’s commitment to innovation,” Economic Survey said.

A lot of fintech startups have been establishing subsidiaries in GIFT-City for cross-border payments business for regulatory clarity and are expected to simplify business-to-business and business-to-consumer transactions significantly.

IFSCA has introduced new regulations that specifically enable payment aggregators to operate within GIFT City. These rules streamline the process for fintech entities wishing to offer payment services, especially for cross-border transactions.

While the firms must obtain separate licenses from the IFSCA in addition to approvals from the banking and payments regulator Reserve Bank of India (RBI) to ensure compliance with both local and international regulations.

Last year, One97 Communications Limited (OCL), the parent company of payments firm Paytm, said it had planned an investment of Rs 100 crore in GIFT-City to build a global financial ecosystem that will be complete in six months.

IFSC is envisaged to be a unique international financial jurisdiction located inside onshore India, set up with a dual objective of onshoring India centric international financial services business as well as serving as a preferred gateway for channelising global capital flows into and out of the country.

GIFT-City has also launched initiatives such as the GIFT International Fintech Institute (GIFT IFI) and the GIFT International Fintech Innovation Hub (GIFT IFIH).

The GIFT IFI will focus on equipping professionals with essential skills needed in the rapidly evolving fintech sector, while the GIFT IFIH will serve as an incubator for innovative startups.