Tag: gift city

Longevity finance: Gift-City regulator IFSCA sets up expert committee

Banking & Finance

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Gift-City regulator IFSCA has set up an expert committee to recommend approach towards development of Longevity Finance Hub in the Gift-City in Gujarat and provide a road map for the same.

The expert committee is being co-chaired by Kaku Nakhate, President and Country Head (India), Bank of America, and Gopalan Srinivasan, Ex-CMD, New India Assurance Company Limited.

The committee members comprise leaders from the entire longevity finance ecosystem including from areas such as banking, insurance, wealth management, fintech, legal, compliance and management consultancy, an official release said.

Global estimates suggest that there are one billion people in the silver generation (a global cohort of individuals aged 60 and older) with a combined spending power of $15 trillion and the size is ever expanding.

Development in medicinal science and technology will support extending of lifespan and longevity of the silver generation. It is estimated that by 2040, there will be more members of the silver generation than people under 20. This demographic change will throw open new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products, the release added.

This has prompted the International Financial Services Centre Authority to set up an expert committee.

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GIFT City join hands with BRTSIF to accelerate fintech innovation, BFSI News, ET BFSI

Banking & Finance

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Gujarat International Finance Tec-City (GIFT City) on Thursday said it has collaborated with the BIL Ryerson Technology Startups Incubator Foundation (BRTSIF) to accelerate fintech innovation. GIFT City is India’s first smart city and international financial services centre (IFSC), and BRTSIF is a joint venture among BSE Institute Mumbai, Ryerson University and Simon Fraser University, Canada.

As part of the collaboration, Zone Startups India, a part of BRTSIF, will explore avenues to set up and promote a fintech hub in GIFT SEZ, according to a statement by GIFT City.

It will further lay down the foundation to promote start-ups and support the Government of India’s vision for entrepreneurship development and innovation culture at GIFT-IFSC.

GIFT City is emerging as a hub for fintech activities and BRTSIF would play an important role for promoting talent and developing ecosystem to attract start-ups in GIFT IFSC, the statement noted.

GIFT City MD and CEO Tapan Ray said, “Fintech and IFSC are emerging fields in India with immense potential. Their synergy is essential to develop a matured financial ecosystem in the country, given their dynamic traits.”

According to him, one of the objectives of GIFT City has been to provide a productive platform for fintech and related sectors to be globally competitive.

Zone Startups will develop a programme to attract domestic as well as international fintech and fintech-enabled start-ups in areas such as digital banking, crowdfunding, insure-tech, and prepaid payment instruments, among others.

Zone Startups Managing Director Hemant Gupta said the world of banking and financial services is entering a phase of deeply transformative digitisation.

“A new generation of digital consumers expects a modern and seamless customer experience and is demanding new ways of transacting business. Emerging trends in neo-banking, app-led payments, and digital currencies are all creating new opportunities and presenting new problems that need solutions,” he added.



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HSBC inaugurates IBU at GIFT City

Banking & Finance

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The Hongkong and Shanghai Banking Corporation (HSBC) on Tuesday inaugurated its International Banking Unit (IBU) branch at Gujarat International Finance Tec-City (GIFT City).

“HSBC’s IBU branch at GIFT City will be operational for customer transactions with effect from January 27, 2021,” it said in a statement.

HSBC is one of the earliest global financial institutions to set up a GIFT City branch and is the first bank to get a license from the newly set up International Financial Services Centres Authority.

“Our IBU branch at GIFT IFSC complements our domestic business in India and flows with our global financial centres. This would help expand the options available to our customers to seamlessly conduct international business transactions, in particular financing, trade and global markets,” said Surendra Rosha, Group General Manager and CEO, HSBC India, adding that the move reiterates HSBC’s commitment to India as a core top five global contributors, and its second-largest employment base globally.

“The Government of India has envisaged the IFSC as a hub to bring offshore financial transactions onshore and the presence of HSBC has further strengthened the IFSC ecosystem of India,” said Srinivas Injeti, Chairman IFSCA.

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