Standard Chartered to offer wealth products in India’s GIFT City finance hub
MUMBAI: Standard Chartered has received in-principle approval to offer wealth management products to clients from India’s tax-neutral financial hub, Gujarat International Finance Tec-City (GIFT City), the bank said in a statement on Thursday. The International Financial Services Centres Authority (IFSCA), the regulator for the international financial services hub, granted the in-principle…
Standard Chartered has received preliminary approval to offer wealth management services in Gujarat International Finance Tec-City (GIFT City), India's tax-neutral finance hub. The International Financial Services Centres Authority granted the approval, and the bank anticipates launching its retail wealth management offerings within the coming months.
P D Singh, Standard Chartered's CEO for India and South Asia, highlighted that this distribution approval aligns with the bank's existing presence in the GIFT City ecosystem and reinforces GIFT City's aspirations to become a prominent international financial services hub. With this, Standard Chartered joins HSBC as the second foreign bank to extend wealth products within the hub.
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