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Important milestones announced during PM Narendra Modi’s visit to gift city in Gujarat

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 Prime Minister Shri Narendra Modi visited India’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City). The Prime Minister laid the foundation for the IFSCA Headquarters, as well as the India International Bullion Exchange (IIBX) and the NSE IFSC-SGX Connect. In addition to the foregoing, the Prime Minister oversaw statements relating to significant GIFT-IFSC achievements implemented under IFSCA regulatory activities. 

To promote inter-regulatory collaboration, IFSCA exchanged Memorandums of Understanding (MoU) with regulatory agencies in Sweden, Luxembourg, Qatar, and Singapore. There is also an agreement with the Department of Space. The government of India will also be encouraged to study the potential of convergence between FinTech and SpaceTech. The New Development Bank (NDB) will establish the Indian Regional Office (IRO) in GIFT-IFSC. The IRO will function as the NDB’s representative in the Indian subcontinent, identifying projects with high development effects and assisting government institutions in capacity building.

An announcement regarding the launch of three major international banks’ IFSC Banking Units (IBUS), notably Deutsche Bank AG, JP Morgan Chase Bank, and MUFG Bank was made. Bank of America’s Global At-house Centre (GIC) in GIFT-IFSC announced a capacity increase. Four businesses have announced the operationalization of International Trade Financing Services (ITFS) platforms under the IFSCA Regulatory Sandbox. 

Apart from introducing global trade finance operations to GIFT-IFSC, these platforms would boost Indian MSMEs’ and other enterprises’ access to global trade financing outlets, allowing them to become development engines of India’s international trade.

An initial batch of five FinTech enterprises will be granted regulatory authorizations under IFSCA’s framework for FinTech Entities in GIFT-IFSC. These FinTech Entities will aim to develop novel solutions in sectors such as AgriTech, InsurTech, Quantum Technology, Digital Identity, and Blockchain-based commercial solutions.

The Association of National Exchanges Members of India (ANMI) and the Commodity Participants Association of India (CPAI) have announced a combined letter of intent on behalf of over 100 Broker-Dealers to set up operations in GIFT-IFSC. This would help to boost the capital markets ecosystem in GIFT-75th IFSC’s listing of bonds on the India INX Stock Exchange to commemorate Azadi ka Amrit Mahotsav. 

Launch of the International Sustainability Exchange (ISX), which aims to route financial flows to satisfy the funding needs of corporations, governments, and institutions in India and throughout the world connected to climate change and the UN Sustainable Development Goals.

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