Gujarat International Finance Tec-City (GIFT City) and Bloomberg announced a broad collaborative effort to advance India’s first international financial services center (IFSC) to Global investors.
Starting this month, Bloomberg will offer assistance and global expertise to GIFT IFSC, in support of its capital markets business. This will include collaborating on the design of a conducive regulatory framework for GIFT IFSC, and assisting in product development, facilitating market access and connectivity, and the launching of a global marketing initiative to reach real money managers and international investors.
“With the growing interest of global money managers towards India’s investment opportunities, GIFT City IFSC is emerging as a new international financial services gateway of India,” said Ajay Pandey, MD & Group CEO, GIFT City. “We are delighted to work with a global data and technology company like Bloomberg to bring world-class thinking and best practices to GIFT City IFSC, so we have a regulatory framework and market environment that is conducive for global investors.”
Started in 2015, GIFT City is India’s first international financial services center, $12 billion smart city and special economic zone developed in the Ahmedabad metropolitan region as a greenfield development. Currently, over 200 companies are operational with more than 8,500 employed at GIFT City, including India International Exchange, National Stock Exchange, State Bank of India, HDFC Bank, GIC Re and other well recognized institutions.
“Bloomberg’s collaboration with GIFT City IFSC is driven by our belief that advanced financial infrastructure and market transparency can attract greater investments,” said Nitin Jaiswal, Head of Government and Regulatory Affairs for Bloomberg in Asia Pacific. “We will be leveraging our global network to bring the GIFT City IFSC investment story to international financial professionals in Singapore, Hong Kong, Tokyo, Sydney, London and New York.”
In November 2018, the India International Exchange and National Stock Exchange started to provide real-time GIFT IFSC derivatives data to the Bloomberg Terminal, which has over 325,000 global subscribers. GIFT City IFSC was recently named among the top three emerging business hubs in the world, according to the September 2018 edition of Global Financial Centers Index 24 (GFCI). GIFT also made a new entry in the main index of the GFCI and ranked 77 in the list of 100 global financial centers.