Standard Chartered secures GIFT City in principle approval for wealth
Standard Chartered just got the go-ahead to offer wealth management products at GIFT City, India's up-and-coming financial hub aiming to rival places like Singapore and Dubai.
The bank 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).
Standard Chartered expects to roll out its retail wealth management offerings over the next few months.
P D Singh praises GIFT City
Standard Chartered was actually the first foreign bank in GIFT City back in 2020, and now they're stepping up their game.
CEO, India and South Asia, Standard Chartered, P D Singh says this move highlights their global expertise while also supporting GIFT City's ambition to become a leading international financial services center.
On top of that, recent government pushes, like longer tax holidays and simpler rules, are making the hub more attractive for both banks and investors.