The Financial Supervisory Commission (FSC), Taiwan's financial sector regulator, has partnered with India's International Financial Services Centres Authority (IFSCA), to enhance mutual cooperation, the FSC has announced.
In a press release on 4 December, the FSC said that Dr Yen-Liang Chen, FSC Vice Chairperson, and Mr K Rajaraman, Chairperson of the International Financial Services Centres Authority (IFSCA) of India, signed a Memorandum of Understanding (MoU) on mutual cooperation via virtual conference. Mr Pradeep Ramakrishnan, Executive Director of IFSCA, attended the virtual conference on behalf of Mr Rajaraman. The signing took place on 3 December, during the 18th meeting of the India-Taiwan Economic Consultations held in Taipei.
The signing of the MoU is expected to strengthen bilateral exchanges and cooperation on a range of financial supervision matters. The MoU covers information exchange, enforcement of financial regulations, and the establishment of cross-border branches, laying the groundwork for closer cooperation between the financial regulatory agencies of both sides.
The Indian government has established India's maiden International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), Gujarat. The IFSCA serves as the unified regulator for the centre.
The IFSC aims to provide innovative and flexible business regulations, a competitive tax structure, and a high-efficiency operating environment. It has been designated as a special international financial jurisdiction and is treated as a non-resident zone under the Foreign Exchange Management Regulations, allowing transactions in any freely convertible foreign currency.