GIFT City has climbed nine places to rank 37th globally in the latest Global Financial Centres Index (GFCI 40), while entering the top 15 financial centres in the Asia-Pacific region, according to a media release.
GIFT City, which ranked 46th in GFCI 39, is also now among the top 15 in the Asia-Pacific region, the release said.
The latest edition also ranked GIFT City 26th globally in FinTech, an improvement of three places from 29th in the previous edition.
The GFCI assesses 115 financial centres based on factors including FinTech capabilities, access to finance, skilled talent, regulatory environment and ICT infrastructure.
GFCI 40 also placed GIFT City among the 15 centres expected to gain greater significance over the next two to three years, based on mentions by respondents to the GFCI survey.
According to the release, the improvement in GIFT City’s overall and FinTech rankings reflects the continued expansion of its financial services ecosystem and the integration of finance, technology and innovation.
GIFT City said it will focus on increasing market participation, strengthening international connectivity and building capabilities to support increasingly sophisticated cross-border financial activity.
The GFCI report identified digital infrastructure, including cloud services, data connectivity and cybersecurity resilience, as priority areas for financial centres over the next five years. It also highlighted the need to attract FinTech and digital asset businesses, strengthen anti-money laundering and financial crime frameworks, and deepen capital markets.
The latest GFCI edition is based on 144 instrumental factors, 39,531 assessments and responses from 6,147 participants to the GFCI online questionnaire, the release said.
GIFT City is India’s first International Financial Services Centre (IFSC) and is positioned as a financial and IT services hub for global and domestic companies across banking, financial services, insurance, IT/ITeS, FinTech and other service sectors.
(ANI Inputs)
