Standard Chartered gets nod to launch wealth management services from GIFT City

Standard Chartered has received provisional approval from the International Financial Services Centres Authority (IFSCA) to distribute financial products from GIFT City, India. This in-principle nod enables the foreign bank to introduce its wealth management services at GIFT City in the near future. The bank announced the decision in an official release on Thursday, stating that the approval will broaden its product range, moving beyond its current corporate and institutional banking services.

Standard Chartered, which established operations in GIFT City in 2020, currently offers lending, trade finance, transaction banking, and financial market services to over 600 clients. These clients include multinational corporations, domestic enterprises, financial institutions, and small and medium-sized enterprises (SMEs). The bank has financed over $25 billion across various products in GIFT City.

The bank's CEO, PD Singh, expressed enthusiasm about the distribution approval, noting the increasing interest in GIFT City as a financial gateway to India. Singh remarked, "Building on our deep roots in the GIFT City ecosystem, this distribution approval enables us to bring Standard Chartered’s global wealth management capabilities while supporting GIFT City’s ambition to become a leading international financial services centre."

The bank currently holds a significant market share among regional treasury centers in GIFT City, with approximately 50%. Standard Chartered has introduced several market-first initiatives in the region, such as ODI issuances, foreign portfolio investor transactions, bullion hedging solutions, and receivables factoring. Additionally, the bank has expanded its corporate treasury management solutions and the Foreign Currency Settlement System while enhancing its on-ground team presence in GIFT City.