Private lender, ICICI Bank and GIFT SEZ have signed a Memorandum of Understanding (MoU) to promote GIFT SEZ to Indian as well as global businesses including IT/ITeS and financial services. GIFT SEZ is the country’s first International Financial Services Centre (IFSC) which is being developed as a global financial services hub.
The bank said it has been a prominent player in GIFT SEZ with its banking business since 2016.
GIFT City, promoter of GIFT SEZ, provides a planned business district that offers an ecosystem to financial and technology service providers with walk-to-work concept, state-of-the-art infrastructure, tax benefits, various incentives, unified regulator and competitive regulatory regime.
Both the entities will jointly work towards attracting global investors and capital market firms to set up operations in GIFT SEZ. They will also promote GIFT SEZ among Indian and Foreign MNCs as the preferred location for availing cross-border trade finance. The bank in a statement added, it aims to promote development of GIFT SEZ as fintech hub of India and will make concerted efforts to support start-ups and fintech firms.
.Vishakha Mulye, Executive Director, ICICI Bank said, “Over the years, India has emerged as a preferred destination for foreign investment. The young demographic profile, strong consumer demand and supportive Government initiatives have boosted India’s economic outlook significantly. GIFT SEZ will play an important role and become a gateway for Indian businesses to connect with the world and global businesses to participate in fast growing Indian economy.”
Mulye added, “At ICICI Bank, our strategy is to provide 360 degree banking to all our customers and their entire ecosystem. Accordingly, our branch at GIFT SEZ is an integral part of our strategy, providing foreign currency banking solutions across trade, transaction banking, capital markets, treasury and wealth management. We are excited to work with GIFT SEZ and to continue building the entire financial services ecosystem at GIFT SEZ.”
Tapan Ray, MD & Group CEO, GIFT City said, “With GIFT IFSC making giant strides in recent times, it is imperative to create synergies with leading financial institutions to take the progress forward. This MoU with ICICI Bank will stimulate participation by global financial institutions and further promote GIFT City as a preferred business destination for international financial services and products. ICICI Bank’s early mover advantage in the digital space will also help in attracting fintech companies and help in the development of a fintech hub at GIFT City.”