ICICI Bank to promote GIFT SEZ to global and Indian biz including IT, financial services
Premium- Both the companies will promote GIFT SEZ among Indian and foreign MNCs as the preferred location for availing of cross-border trade finance.
A Memorandum of Understanding (MoU) has been signed between private sector major bank, ICICI Bank, and GIFT SEZ, the country’s first International Financial Services Centre (IFSC), to promote GIFT SEZ to Indian as well as global businesses including IT / ITeS and financial services.
GIFT SEZ is being developed as a global financial services hub. ICICI Bank has been a prominent player in GIFT SEZ with its banking business since 2016.
Under the MoU, the duo will jointly work towards attracting global investors and capital market firms to set up operations in GIFT SEZ.
Further, both the companies will promote GIFT SEZ among Indian and foreign MNCs as the preferred location for availing of cross-border trade finance. GIFT SEZ and ICICI Bank aim to promote the development of GIFT SEZ as a fintech hub in India and will make concerted efforts to support start-ups and fintech firms.
Vishakha Mulye, Executive Director, ICICI Bank said, “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 the fast-growing Indian economy. 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."
Meanwhile, 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."
Both ICICI Bank and GIFT SEZ will act in a coordinated manner to promote GIFT SEZ as a hub for wealth management business. The duo intends to spread awareness about the attractive proposition that GIFT SEZ poses for the setting up of Global In-house Centres (GICs).
Among other objectives of the MoU is also to promote GIFT SEZ as the destination of choice for offering a competitive regime for setting up capital markets business among industry stakeholders such as Alternate Investment Fund (AIF), Portfolio Management Services (PMS), Broking Entities, Venture Capital, Private Equity Funds and Custodians.
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ICICI Bank and GIFT SEZ together will collaborate on the preparation of literature and reports to address the requirements of global investors, institutions, and businesses. Further, both will work closely to create awareness about the IFSC regime through seminars, knowledge series, webinars, conferences, and physical and virtual roadshows.