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Tokenisation

Shipfinex Receives Limited Use Authorisation for Maritime Tokenisation in India

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Shipfinex has been granted a Limited Use Authorisation by IFSCA to start a year-long maritime asset tokenisation pilot in GIFT City.

Shipfinex, a platform specialized in the tokenization of maritime assets, has achieved a significant milestone with the granting of a Limited Use Authorisation by the International Financial Services Centres Authority (IFSCA). This authorization enables Shipfinex to initiate a controlled twelve-month program to develop and test its innovative maritime asset tokenization platform.

What Is the Limited Use Authorisation?

Issued as part of the IFSCA's FinTech Innovation Sandbox, this authorisation, effective until July 20, 2027, follows an initial approval received on June 18, 2026. It allows Shipfinex to examine the complete lifecycle of tokenizing maritime assets, which includes converting ownership interests into digital representations through specialized vessel structures.

Testing Framework and Objectives

The testing framework encompasses a full cycle of maritime asset tokenization in a simulated environment, ensuring a rigorous quality assessment. Key components of the testing mandate include:

  • Comprehensive onboarding of vessels to the platform.
  • Collaboration with financial institutions and maritime partners.
  • Global Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance screening.
  • Integration with banking systems to support delivery versus payment logic.
  • A live demonstration of the transaction flow, with IFSCA given view-only ledger access for oversight and monthly progress reports.

Context within India's Maritime Sector

The timing of this authorisation aligns perfectly with India’s ambitious initiative, termed the Maritime Amrit Kaal Vision 2047, which aims to position the country among the leading shipbuilding nations globally. With an investment target of ₹80 lakh crore, this vision also introduced a substantial ₹25,000 crore Maritime Development Fund in the Union Budget 2025.

Since recognizing ship leasing as a financial product in 2022, GIFT IFSC has made remarkable strides, accommodating around 27 registered entities in ship leasing and facilitating 30 vessels. The government's recent exemptions regarding coastal-shipping licensing further bolster this landscape, allowing units within the IFSC to charter foreign vessels for international trade.

Shipfinex's Role in the Maritime Ecosystem

By successfully running its sandbox program, Shipfinex aims to create a pathway toward greater transparency and accessibility in capital markets for maritime assets. The effort not only builds on the existing frameworks established by previous regulatory approvals but also looks to enhance the interaction between ship leasing and financing sectors.

Shipfinex's compliance with regulatory standards is pivotal in establishing trust, as echoed by its co-founders. Capt. Vikas Pandey, the Founder and CEO of Shipfinex, remarked, "We are thrilled to engage in this comprehensive testing phase and contribute to the transparent capital markets that India's maritime ambitions deserve." Similarly, Prasanna Lohar, Founder & President of the India Blockchain Forum, highlighted the significance of a regulated approach, stating, "Tokenisation is a natural progression, allowing real-world assets to integrate into the market with full regulatory visibility."

About Shipfinex

Shipfinex operates as a capital markets platform focused on tokenizing maritime assets, facilitating their origination, structuring, and distribution within a fully compliant framework. The company is based in Dubai but maintains operations in several jurisdictions, including Poland and St. Vincent and the Grenadines, ensuring robust regulatory compliance across its functions.

About the IFSCA

The IFSCA serves as the regulatory body for financial products, services, and institutions operating within India's International Financial Services Centres, promoting innovation in this sector since its establishment under the IFSCA Act in 2019.

Conclusion

Shipfinex's ambitious approach to maritime asset tokenization, underpinned by its Limited Use Authorisation from IFSCA, showcases the growing impact of blockchain technology within the maritime sector. As the initiative progresses, it could significantly reshape how maritime assets are traded and financed in India and beyond.

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