NSE signs MOU with the first FINTECH accelerator, FinX Labs at IFSC, GIFT city

27^th August 2021: FinX Labs today announced the opening of its startup accelerator and co-working space, the first of its kind within the IFSC (International Financial Services Centre) at Pragya, GIFT city (Gujarat International Finance-Tec City). FinX Labs is a joint venture by Jaxay Shah (MD, Savvy Infrastructure), DevX co-working & accelerator and Flexworx by Collated, that aims to provide a platform for budding entrepreneurs and give a boost to the startup ecosystem within the fintech space.

Inaugurated under the vision of Mr. Injeti Srinivas, Chairperson GIFT IFSCA, Mr. Tapan Ray, MD & Group CEO, GIFT City and Dipesh Shah, Head Development and International Relations, GIFT IFSCA; FinX Labs is proud to enter into MOU with NSE (National Stock Exchange) as a knowledge partner. Speaking on the occasion, Mr. Jaxay Shah, MD Savvy Group, opined: “The GIFT IFSC was conceived precisely to act as a catalyst for ideas, ventures and endeavors that spur growth and harness synergies, propelling India’s standing in the international markets. FinX under the umbrella of IFSCA, will nurture fintech startups providing them with mentoring, funding, networking and access to global financial centres.”

Emphasizing the need for collaboration, Mr. Ravi Varanasi, President, NSE Group said: “We believe this partnership will nurture fintech innovation to make GIFT City one of the foremost international hubs for breakthrough fintech products. Keen developmental approach of IFSC Authority is the catalyst in bringing about this transformation.”

Voicing the views of the Startup ecosystem, Mr. Umesh Uttamchandani, Co-founder & CGO, DevX Co-working & Accelerator said: “It is the need of the hour for verticals to have segment-oriented accelerators to drive growth and provide every advantage possible. FinX labs is ideally positioned to mentor Fintech startups by handholding them with a structured framework and creating opportunities to scale. GIFT city is the obvious choice and ideal place to locate the Fintech accelerator with the ease of doing business and various financial incentives being offered like lower taxation numbers. We are sure that FinXlabs will help propel the Fintech startups forward.”

Citing his views, Mr. Aniruddh Jhaveri, Partner at Flexworx quoted: “When we talk about dynamism we generally refer to startups or entrepreneurs, but we often forget that regulators also take the leap of faith alongside. The team at IFSCA is unparalleled and access to the regulatory sandbox is a wonderful way to test ideas under a controlled environment. FinX labs opens up a plethora of opportunities for businesses looking to setup shop in GIFT IFSC; give growing business a tint of agility with flexible plug and play infrastructure.”