Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman lead a delegation including the two Ministers of State for Finance and Secretaries from the Ministry of Finance and Ministry of Corporate Affairs to GIFT City today. The delegation engaged in discussions on matters of development and growth of India’s maiden International Financial Services Centre (IFSC) at GIFT City, Gandhinagar.
A couple of Interactive Sessions on Capital Markets and Banking & Insurance were held in parallel initially chaired by the respective Secretaries in groups. Presentation were made during the event by MD & CEO GIFT City followed by Chairman IFCSA. The presentations covered all aspects of the journey of GIFT-IFSC with reference to the initial vision of Hon’ble PM Shri Narendra Modi, how far things had come and the way forward to further elevate the stature of GIFT. Thereafter, an open discussion was organized regarding Growth Opportunities in GIFT-IFSC in which the Finance Minister participated and emphasized the need to find solutions and move forward..
Smt. Nirmala Sithraman also announced during the event that Department of Economic Affairs has just last week approved three key proposals of International Financial Services Centre Authority (IFSCA). The first was the proposal of Rs. 200 crore for a Head Quarter Building for IFSCA which has Rs 100 crore as Grant in Aid and the remaining Rs 100 crore as loan from the government. The second was the proposal of Rs. 269.05 crores for development of IT infrastructure of IFSCA and the third was the IFSCA FinTech Scheme of Rs 45.75 crore.
The Finance Minister said that it is Government of India’s endeavour to make India a global financial gateway through GIFT-IFSC at GIFT City.
Smt. Sitharaman also visited GIFT City and was given a glimpse into its unique features. The Finance Minister visited the Automated Waste Collection System (AWCS), the Underground Utility Tunnel, the Bullion vaulting Facility, as well as India INX. A presentation was also made to Smt. Sitharaman at India INX by NSE IFSC, India INX and IFSCA on the proposed International Bullion Exchange at GIFT IFSC given high demand for gold in India.
The Finance Minister said that the bullion exchange is expected to come into play soon for which all the necessary infrastructure inclusive of safe vault facilities are built and are operational and indicated that Bullion exchange will be a big game changer for India. Smt. Sitharaman exhorted officials to look at various ways in which more companies can get listed at GIFT IFSC, more transactions can happen here, more funds can be raised from here by companies, and how the bond market activities at GIFT IFSC can be improved, deepened and widened.
The Finance Minister also suggested that there is a need for an interaction with leading start-ups dealing with FinTech and other activities which are present in Bengaluru, Hyderabad, Gurugram and other locations. Smt. Sitharaman also urged the Government of Gujarat to explore options on facilitate leading start-ups to locate outside the IFSC but within the GIFT City so that the ecosystem which is necessary for global financial hub can be created.
Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman met Mr. Frans Timmermans, Executive Vice President of the European Commission here today.
The Finance Minister highlighted the strong India-European Union (EU) cooperation on trade and technology, climate and energy, digital cooperation, sustainable development and connectivity partnership.
Mr. Frans Timmermans complimented India’s commendable achievements in climate action and commitment of generating 450 GW of renewable energy by 2030. He offered support of the EU in harnessing investments for successfully achieving this target.
Smt. Sitharaman emphasised high priority accorded by India to climate action. She invited EU to partner with India through investments in green hydrogen to harness the natural synergies in this area between the two sides. Other areas include closer collaboration between India and the EU through Coalition of Disaster Resilience Infrastructure (CDRI), International Platform for Sustainable Finance (IPSF) and One Sun One World One Grid (OSOWOG) initiatives.
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund (IMF) at the Annual Meetings 2021 held in Washington D.C. on 14th October 2021. The meeting was attended by Governors/Alternate Governors representing 190-member countries of the IMF.
The Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund (IMF) at the Annual Meetings 2021 is in progress
The discussions at the meeting centered on “vaccinate, calibrate and accelerate” which is the theme of the Managing Director’s Global Policy Agenda. The members of the IMFC elaborated the actions and measures taken by member countries to combat COVID-19 and facilitate economic recovery.
Smt. Nirmala Sitharaman speaks at the Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund (IMF) at the Annual Meetings 2021 in Washington D.C.
Finance Minister Smt. Sitharaman conveyed that India recognises that universal vaccination is the key to stemming the spread of the virus. She asserted that the stark differences in vaccination coverage of low-income countries and advanced countries is of concern and it is critical that we need to address vaccine inequity.
The Finance Minister emphasized importance of the multilateral approach with the principles of equity and common, but differentiated, responsibilities and capabilities to combat climate change. Smt. Sitharaman stressed that it is important to recognize the formidable challenges faced by developing countries in getting access to affordable financing and technology.
Before attending the IMFC Plenary meeting, Smt. Sitharaman had also participated in Restricted Breakfast Meeting of the International Monetary Fund.
Smt. Nirmala Sitharaman speaks at the Restricted Breakfast Meeting of the International Monetary Fund in Washington D.C.
Speaking on the issue of COVID-19 pandemic and the response of health care systems, the Finance Minister said that to win the war against COVID-19, it is imperative that we freely share medical research and develop adaptive, responsive, affordable, and accessible health care systems.
On the issue of COVID-19 vaccine availability and economic recovery, Smt. Sitharaman urged for greater equity in vaccine access and affordability as the world looked for a faster exit towards recovery and growth.
The Finance Minister also highlighted to all the participants that despite the pandemic crisis, India continued its agenda of structural reforms. Wide-ranging reforms, including in agriculture, labour and financial sector are expected to contribute towards acceleration of the economy.
About IMFC Meetings
The IMFC meets twice a year, once during the Fund-Bank Spring Meetings in April, and again during the Annual Meetings in October. The Committee discusses matters of common concern affecting the global economy and advises the IMF on the direction of its work.
The first-ever Accounting & Finance Show Malaysia 2021 is launching on 12 October, bringing together those driving technological change in finance and accounting across Malaysia and beyond. Aimed at providing the best insights to enhance the ability and speed at which businesses adopt digital tools and technologies within the accounting and finance function, the one-day virtual event will feature 30+ local and international industry leaders who have leveraged technology to revamp and streamline their workflows.
With 2 conference channels, Digital Business and Digital Practice, attendees can engage in debates and discussions revolving digital innovation, accounting tech, running a digital practice, intelligent automation, cloud solutions and vital skills required by accounting & finance professionals for the future. Spotlight topics include “Keynote: Futureproof Your Firm for Client Success” by Xero and CALTRiX, “Keynote: The benefits of kickstarting the digitalisation of your practice in 2021” by Mahzan Sulaiman PLT, “The Future of the Accountants in the New Digital Age” by Institute of Management Accountants and “Panel: Leveraging technology: Standing out from your competition” by ANISE Consulting, Jovani & Co Chartered Accountants, Red Beak and YesBoss.
Featured speakers at Accounting & Finance Show Malaysia 2021 include: – Haroon Aslam, Regional Finance Director, Getz Healthcare – Andrew Choong, Auditor, Baker Tilly Malaysia – Hoe Yin Lou, Partner, RSM Malaysia – Chrishini Richards, Head of Finance, Taco Bell Malaysia – Coreen Atencio, Lead Consultant, ScaleNorth Advisors – James O’Reilly, Head of Operations APAC, Unit4 – Richard Hayler, CFO, Nutrition Technologies – Venkkat Ramanan, Regional Vice President – Asia Pacific, Association of International Certified Professional Accountants – Auro Sen, Head of Finance and FP&A, ULA – Kevin Fitzgerald, Managing Director, Xero Asia – Daniel Hustler, Education Manager, Xero Asia – Christian Antono, Strategic Partnerships Manager, Xero Asia
Running alongside the conference, our amazing sponsors are ready to showcase their cloud-based accounting software and other digital tools and technologies at the virtual exhibition, Meet Title Sponsor Xero, Silver Sponsor Unit4, Associate Sponsors Cynopsis Solutions, EasyStore, Payroll Panda and more on our integrated and fuss-free event platform.
“The last five years have seen the accounting industry become increasingly tech-savvy, with The Cloud sitting at the centre of innovation. Cloud accounting has enabled greater efficiency, accuracy, transparency, time and cost savings for businesses then ever before, giving accountants and bookkeepers more time to focus on strategic planning, business growth and creating greater value for their clients. We are delighted to be a part of this year’s Accounting & Finance Show Malaysia, and together with other industry experts share our learnings and insights to help practices from Malaysia and beyond achieve greater success,” said Kevin Fitzgerald, Managing Director – Asia at Xero.
The Accounting & Finance Show Malaysia 2021 is expected to be a gathering of Malaysia’s accounting and finance stakeholders, facilitating the exchange of ideas to foster advancement within the industry.
Details of the one-day virtual event are as follows: Accounting & Finance Show Malaysia 2021 12 October 2021 | Virtual Free-to-Attend Website: https://bit.ly/3uMkoJa Register: https://bit.ly/3A9d8Ic Agenda: https://bit.ly/3Ae5xIy
About Terrapinn
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Revest Finance has announced the launch of the Financial NFT. The Revest Protocol uses a special form of the Non-Fungible Token to create a programmable vault capable of locking any ERC-20 token until a particular set of conditions are met. This seemingly simple utility is the basis for a large number of financial possibilities including time and incentive based vesting structures. In addition to locking tokens, the FNFT Smart Vault can be fractionalized, bought, and sold on NFT marketplaces, allowing for liquidity of locked assets.
Launching September 24th, 2021, the FNFT is a new way of locking and releasing value that gives users complete control over their assets – no code required. Most have now heard of the NFT – the non-fungible token. NFTs shot to fame as the answer to digital scarcity, giving digital art and artists a means by which to attribute ownership. While many digital artists have received a huge boost, the jpeg market is merely one small use case of NFTs. FNFTs are where NFT technology meets the solid framework of the financial markets. From the humble home to international bond markets, Revest brings the NFT into the financial world.
The reason for this is the FNFT is a – it is agnostic to what it locks. Want to securely lock one Wrapped ETH as an 18th birthday present for your daughter, using an oracle and digital signature to confirm her identity? FNFTs can do that. Want to make incentive structures to a marketing firm according to the value of the product they market? FNFTs can do that too. Want to create a multimillion dollar covered call option? You guessed it – FNFTs have that solved. Just as the art NFT has been a blank canvas for artists, FNFTs give financial innovators carte-blanche for creation.
For too long the financial markets have held a monopoly on financial innovation. Revest is building tools to move the financial system to a secure and decentralized state. Users wrap their assets using an intuitive UI and decide what unlocking features they require. These features can stipulate time, value, or arbitrary criteria. Users can set multiple unlocks and allow for asset deposits as with a savings account. The time criteria can be extended; the value criteria can relate to another asset or combination of assets; the arbitrary criteria can refer to multiple parties or even to smart contracts, all giving the FNFT limitless capabilities when it comes to customization. The asset locked is not restricted either, allowing fungible cryptocurrency tokens, NFTs or even other FNFTs to be wrapped.
A flagship claim of the FNFT is that ownership can be transferred without directly affecting the value of a contained asset, in comparison to when the raw asset is bought and sold, impacting the price. The Revest team see this initially being adopted by the innovation-hungry cryptocurrency start-ups, where problems such as token release schedules and treasury management have been particular pain points. With FNFTs, token release schedules may be managed by criteria of time or linked to token value to mitigate heavy sell pressure. Crucially though, locked tokens may be traded through the trading of the FNFT itself, allowing early investors in start-ups to maintain liquid positions without affecting the communities they invest with.
This is just the start. When a new technology is born, there is a bloom of innovation in every direction. The first big hit for the NFT has been art, but now NFTs have grown beyond their artistic beginnings. The NFT has grown up.
Meet the Revest Smart Vault, powered by the Financial NFT.
Media Contact
Company: Revest Finance
Contact: Rob Montgomery
Twitter: @revestfinance
E-mail: inquiries@revest.finance
Website: https://revest.finance/
