Fintech and technology
The sandbox, payment services and technology for finance; GPU leasing, data centres and AI infrastructure.
Fintech & Payments
IFSCA replaced its 2022 fintech regime with the FinTech Sandbox Framework on 16 March 2026. It offers four routes, from live regulatory testing to referral from a partner regulator abroad.
Payment businesses have their own authorisation, and technology providers to financial institutions their own framework.
A start-up testing with real customers
A fintech wants to test a product live.
The Regulatory Sandbox.
The steps
- File the preliminary application.
- Obtain in-principle approval, then a Limited Use Authorisation.
- Test, report and graduate.
Points that need care
- Data protection and cyber rules apply during testing.
A foreign fintech referred by its home regulator
A firm regulated abroad wants to enter through its regulator's link with IFSCA.
The Overseas Regulatory Referral Mechanism.
The steps
- Confirm the home regulator's arrangement.
- Apply through the referral route.
A cross-border payments company
A remittance or merchant-acquiring firm wants an IFSC licence.
PSP authorisation under the Payment Services Regulations.
The steps
- File the PSP application.
- Build safeguarding and AML controls.
Points that need care
- Rupee legs need express permission; see the April 2026 RDA circular.
A technology provider to banks and funds
A software firm wants to serve financial institutions from GIFT City.
TechFin service provider registration.
The steps
- Register.
- Agree service terms and data arrangements.
A tokenisation or digital-asset proposal
A firm wants to issue or trade tokenised assets.
No general permission. Analysis is product by product, and the sandbox is often the first step.
The steps
- Map the product to a framework.
- Consider the sandbox.
Points that need care
- India's onshore crypto position is separate.
Technology & Data Centres
IFSCA consulted in August 2026 on operating leases of GPUs and data-centre equipment from GIFT IFSC. If adopted, it opens a new asset class for IFSC lessors.
The firm has written on Gujarat's first AI data centre at GIFT IFSC and its legal framework.
A lessor planning GPU leasing
A lessor wants to lease GPUs to AI firms from GIFT City.
Proposed framework, not yet law.
The steps
- Follow the consultation.
- Model the business under the finance company framework.
- Commit only once the final framework issues.
Points that need care
- This is a proposal, not a permitted activity today.
A data-centre investor
An investor wants to fund data-centre capacity linked to GIFT City.
Investment structures through IFSC funds or finance companies.
The steps
- Choose the vehicle.
- Plan data-protection compliance.
Points that need care
- DPDP duties from 13 May 2027.
Talk to the firm about your plans.
A short note on what you are setting up is enough for a first conversation. No confidential information is needed at this stage.
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