India's GIFT City is gaining further momentum as an international financial hub, with major global institutions expanding their activities in the Gujarat based financial centre.
Standard Chartered has received in principle approval from the International Financial Services Centres Authority to offer wealth management products from GIFT City. The move is expected to broaden the bank's services for affluent and international clients through India's international financial services centre.
Standard Chartered already has a substantial presence in GIFT City and was the first foreign bank to begin operations there in 2020. Its existing business includes lending, trade finance, cash management and financial market services.
BlackRock is also deepening its connection with India's financial ecosystem. In July, Standard Chartered announced a partnership with BlackRock to launch an Asia Pacific multi asset fund, with BlackRock serving as the sub manager. The partnership highlights growing cooperation between major international financial institutions as demand for diversified investment products expands across the region.
The developments underline India's ambition to position GIFT City as a globally competitive financial centre capable of attracting international capital and investment businesses. Continued regulatory support and the arrival of major global institutions could strengthen its role as a gateway between Indian markets and international investors.
With financial giants expanding their operations and product offerings, GIFT City is increasingly becoming an important part of India's strategy to build a larger international financial services ecosystem.
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