Now Reading: Standard Chartered gets IFSCA nod for GIFT City wealth services
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Standard Chartered gets IFSCA nod for GIFT City wealth services
Standard Chartered gets IFSCA nod for GIFT City wealth services
Standard Chartered has received in-principle approval from the International Financial Services Centres Authority to distribute capital market products from GIFT City. The approval clears the way for the bank to launch retail…
The Story in Brief
Standard Chartered has received in-principle approval from the International Financial Services Centres Authority to distribute capital market products from GIFT City. The approval clears the way for the bank to launch retail wealth management services in the coming months, extending its operations beyond corporate and institutional banking.
The bank began operating in GIFT City in 2020 and serves more than 600 clients there, including companies, financial institutions and small businesses. It says it has financed over $25 billion through its operations. Mint reports that GIFT City now hosts 37 banks, including 20 foreign lenders, while banking assets have crossed $106 billion.
The Indian Opinion
Claims that GIFT City will quickly displace Mumbai, or that tax benefits guarantee superior returns, oversimplify the change. An approval is not the same as a functioning retail service, and investors will still need to assess fees, products, risk and customer support. The useful test is whether Standard Chartered can turn its corporate presence into a competitive offering for individual clients, measured by products launched, charges and new accounts in the first year.
Sources (2): thehindubusinessline.com, livemint.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
