IFSCA issues Proposal for SupTech System
IFSCA RFP SupTech
The International Financial Services Centres Authority formally known as IFSCA is a unified financial sector regulator at GIFT-IFSC, Gandhinagar, Gujarat has been established on April 27, 2020.
They had requested for proposal to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres in India.
- They are trying to obtain an Information Technology (IT) platform to promote technology to obtain certain criteria
- To promote ease of doing business for the stakeholders
- To reduce the cost of compliance for supervised entities
- To Make IFSCA a progressive regulator with a best-in-class supervisory technology system covering administrative, compliance, supervision, and enforcement framework for its regulated entities.
The SupTech system should make enable collaboration with other sectors of financial regulators in India and abroad through API (Application Programming Interface) based machine-to-machine communication or integration.
For this proposal, they intend to select an IT Service Provider (SP) to design, develop, implement, operate, and maintain the Supervisory Technology (SupTech) System and have issued RFP for the said purpose.
The project duration is planned to be around 72 months comprising 12 months of implementation from the date of onboarding of SP, and 60 months of operations and maintenance.
The detailed scope of the RFP is available at the e-Procurement portal https://ifsca.enivida.com. The notice inviting tender for Selection of Service Provider for SupTech System can be accessed at https://ifsca.gov.in/home/TenderList.
