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Recently, International Financial Services Centres Authority (IFSCA) issued a Request For Proposal (RFP) for Supervisory Technology (SupTech) System.
About Supervisory technology
- Supervisory technology (suptech) is the use of innovative technology by supervisory agencies to support supervision.
- The SupTech system shall cover administrative, compliance, supervision, and enforcement framework for its regulated entities.
- The SupTech system will enable IFSCA to collaborate with other sectoral financial regulators in India and abroad through Application Programming Interface (API) based machine to machine communication or integration, as appropriate.
About IFSCA
- It was established as a statutory authority on April 27, 2020, under the International Financial Services Centres Authority Act, 2019.
- It has been established at GIFT-IFSC, Gandhinagar, Gujarat.
- It 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.
Source: PIB
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