IFSCA issues Request For Proposal for Supervisory Technology (SupTech) System

At GIFT-IFSC in Gandhinagar, Gujarat, the International Financial Services Centres Authority (IFSCA) was established as a unified financial sector regulator for the development and regulation of financial products, financial services, and financial institutions in India’s International Financial Services Centres (IFSCs).

IFSCA wants to put in place a cutting-edge Information Technology (IT) platform that will allow stakeholders to do business more easily, lower the cost of compliance for supervised businesses, and establish IFSCA as a progressive regulator with a best-in-class Supervisory Technology (SupTech) system. For its regulated entities, the SupTech system will provide an administrative, compliance, supervision, and enforcement framework. Through Application Programming Interface (API) based machine to machine communication or integration, the SupTech system will enable IFSCA to work with other sectoral financial authorities in India and internationally.

In this regard, IFSCA has published an RFP for the aim of selecting an IT Service Provider (SP) to design, develop, implement, run, and maintain IFSCA’s Supervisory Technology (SupTech) System. The project is expected to take 72 months to complete, with 12 months of implementation following SP’s onboarding and 60 months of operations and maintenance.

The RFP’s detailed scope can be seen at https://ifsca.enivida.com on the e-Procurement portal. Tenders for the Selection of Service Provider for IFSCA’s SupTech System can be found at https://ifsca.gov.in/home/TenderList.