The Financial Supervisory Commission (FSC) and the International Financial Services Centres Authority (IFSCA) of India today concluded a Cooperation Agreement on Fintech with the assistance of the Taipei Economic and Cultural Center in India (TECC) and the India-Taipei Association (ITA). The agreement was signed by Dr. Yen-Liang Chen, Vice Chairperson of the FSC, and Shri K Rajaraman, Chairperson of the IFSCA. The agreement was virtually exchanged and came into effect on August 28, 2026, as part of the 19th meeting of the India Taiwan Economic Consultations (ITEC) being held in Bengaluru, India. The virtual exchange was witnessed at the ITEC venue by Deputy Minister of Economic Affairs Cynthia Kiang, India’s Ministry of Commerce and Industry Secretary Amardeep Singh Bhatia, TECC Representative Mumin Chen, and Director General of the ITA Ninad Deshpande. The agreement includes provisions concerning referral mechanisms, information sharing, confidentiality, and information use to promote exchanges and cooperation on Fintech-related issues.

India established its first International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City). The IFSC is overseen by the IFSCA and provides a flexible regulatory framework marked by innovation, competitive taxation, and an efficient operating environment. The IFSC has been designated a special international financial jurisdiction, meaning that is recognized as outside India under India’s Foreign Exchange Management Act. This facilitates transactions in freely convertible foreign currencies, thereby enhancing the provision of international financial services. 

Previously, in December 2025, the FSC and the IFSCA signed an MoU on cooperation that laid the foundation for exchanges and collaboration between the two authorities. In January and July 2025, as well as April 2026, the FSC granted approval to CTBC Bank, Taipei Fubon Commercial Bank, and Mega International Commercial Bank, respectively, to apply with the Indian authorities to set up branches in GIFT City. The GIFT City branch of CTBC Bank commenced operations in March 2026, thus further deepening financial interactions between Taiwan and India. 

Moving forward, the FSC will continue to build supervisory cooperation networks with financial authorities in other jurisdictions through both bilateral and multilateral channels to further enhance international connectivity.


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