ICICI Bank, GIFT SEZ join hands to promote GIFT SEZ to Indian, global businesses

ICICI Bank and GIFT City Gurajat have come together to attract global investors as well as capital market firms to set up their operations in GIFT SEZ.

ICICI Bank and GIFT SEZ (special economic zone) have signed a Memorandum of Understanding (MoU) to promote GIFT SEZ to Indian as well as global businesses including IT/ITeS (IT enabled services) and financial services, a release said on Wednesday.

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GIFT SEZ is the country's first International Financial Services Centre (IFSC) which 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.

Both of them will jointly work towards attracting global investors and capital market firms to set up operations in GIFT SEZ, said the release, adding they will promote GIFT SEZ among Indian and foreign MNCs as the preferred location for availing cross-border trade finance.

GIFT SEZ and ICICI Bank aim to promote the development of GIFT SEZ as a fintech hub of India and will make concerted efforts to support start-ups and fintech firms, they said in the joint release.

They will act in a coordinated manner to promote GIFT SEZ as a hub for wealth management business. Both organisations intend to spread awareness about the attractive proposition that GIFT SEZ poses for setting up of Global In-house Centres (GICs), ICICI Bank said.

Another objective of the MoU is to promote GIFT SEZ as the destination of choice for offering 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.

"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," Tapan Ray, MD & Group CEO, GIFT City said.

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, he added.

Over the years, India has emerged as a preferred destination for foreign investment. 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, Vishakha Mulye, Executive Director, ICICI Bank said.

"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," she added.

Further, the bank and GIFT SEZ will collaborate on the preparation of literature and reports to address the requirements of global investors, institutions, and businesses.