A FinTech Startup Accelerator, to support growing Indian FinTech’s
Joint venture by DevX, Savvy, and Flexworx
MoU signed with NSE for collaboration
Aimed at driving growth and scaling in Fintech arena
Ahmedabad, August 27, 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."
About NSE IFSC:
NSE IFSC is a wholly owned subsidiary of NSE. The trading at NSE IFSC Limited was launched on June 5, 2017 post receiving grant of recognition from SEBI. NSE IFSC has already launched trading in Indian and global stock derivatives, index derivatives, currency derivatives, depository receipts and non-agriculture commodity derivatives. SEBI & IFSC Authority has also permitted trading in wide range of products including equity shares of companies incorporated outside of India, debt securities of eligible issuers, interest rate derivatives and all categories of exchange traded products that are available stock exchanges in FATF/IOSCO compliant jurisdictions. In addition, the regulator has allowed FPIs to trade in commodity derivatives in GIFT IFSC.For more information, please visit: www.nseifsc.com
About National Stock Exchange of India Limited (NSE):
National Stock Exchange of India (NSE) is the world’s largest derivatives exchange by trading volume (contracts) as per the statistics maintained by Futures Industry Association (FIA) for calendar year 2020. NSE is ranked 4th in the world in the cash equities by number of trades as per the statistics maintained by the World Federation of Exchanges (WFE) for calendar year 2020. NSE was the first exchange in India to implement electronic or screen-based trading. It began operations in 1994 and is ranked as the largest stock exchange in India in terms of total and average daily turnover for equity shares every year since 1995, based on SEBI data. NSE has a fully-integrated business model comprising exchange listings, trading services, clearing and settlement services, indices, market data feeds, technology solutions and financial education offerings. NSE also oversees compliance by trading, clearing members and listed companies with the rules and regulations of SEBI and the exchange. NSE is a pioneer in technology and ensures the reliability and performance of its systems through a culture of innovation and investment in technology.
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