Standard Chartered to Launch Wealth Products in India’s GIFT City

Standard Chartered has secured in-principle approval from the International Financial Services Centres Authority (IFSCA) to introduce wealth management products within India’s Gujarat International Finance Tec-City (GIFT City). The bank intends to launch its retail wealth management offerings in the upcoming months, leveraging its extensive global wealth management capabilities to serve clients in this special economic zone.

GIFT City’s International Ambitions

This strategic move by Standard Chartered aligns directly with GIFT City’s overarching objective of establishing itself as a prominent international financial services hub. The designated tax-neutral zone aims to attract global financial activity, positioning itself to compete with established centers such as Singapore and Dubai.

Standard Chartered has a foundational presence in this developing hub, having been the first foreign bank to commence operations in GIFT City in 2020. Its early involvement highlights the institution’s commitment to India’s international financial services initiatives.

Facilitating Global Transactions

Beyond its recent approval for wealth products, Standard Chartered has played a crucial role in enabling key financial infrastructure within GIFT City. The bank assisted policymakers in developing essential frameworks for cross-border transactions.

• It helped facilitate U.S. dollar clearances.
• This support contributed to the establishment of a foreign currency settlement system within the tax-neutral zone.

Government Initiatives for Growth

The Indian government continues to vigorously promote the growth and development of GIFT City through a series of supportive policy measures. These incentives are designed to enhance the hub’s attractiveness to international businesses and financial institutions.

• Tax holidays for businesses operating within GIFT City have been significantly extended to 20 years.
• The regulatory environment for entities established in the zone has been streamlined and simplified.

These governmental efforts are pivotal in transforming GIFT City into a competitive global financial services destination.