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FinX Labs on Friday opened its start-up accelerator and co-working space in the International Financial Services Centre at GIFT CIty.
FinX Labs has inked a Memorandum of Understanding (MoU) with National Stock Exchange (NSE) as a knowledge partner.
The first of its kind start-up accelerator in the fintech space at GIFT City, FinX Labs is a joint venture between DevX Co-working & Accelerator, Flexworx by Collated and Ahmemdabad-based developer Savvy Infrastructure’s Jaxay Shah.
FinX labs would look to create a start-up ecosystem to provide a platform for budding entrepreneurs in the fintech space.
In a statement, Ravi Varanasi, President, NSE Group emphasised on the need for collaboration. “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,” Varanasi said.
NSE-IFSC Limited, wholly-owned subsidiary of NSE, has already launched trading in Indian and global stock derivatives, index derivatives, currency derivatives, depository receipts and non-agriculture commodity derivatives. Trading at NSE-IFSC was launched on June 5, 2017 post receiving grant of recognition from SEBI.
Fintech acceleration
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 start-ups 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,” he added.
Speaking on the occasion, Jaxay Shah, MD Savvy Group, said, “The GIFT IFSC was conceived precisely to act as a catalyst for ideas, ventures and endeavours that spur growth and harness synergies, propelling India’s standing in the international markets. FinX under the umbrella of IFSC Authority (IFSCA), will nurture fintech start-ups, providing them with mentoring, funding, networking and access to global financial centres.”
Aniruddh Jhaveri, Partner at Flexworx quoted: “When we talk about dynamism we generally refer to start-ups 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 while giving growing business a tint of agility with flexible plug and play infrastructure.”
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