Mumbai, April 13: ICICI Bank and GIFT SEZ on Wednesday signed a Memorandum of Understanding (MoU). To promote GIFT SEZ to Indian as well as global businesses including IT or ITeS and financial services. Vishakha Mulye, Executive Director, ICICI Bank, and Tapan Ray, MD and Group CEO, GIFT City, signed the MoU at a virtual event. As per the MoU, ICICI Bank and GIFT SEZ will jointly work towards attracting global investors and capital market firms to set up operations in GIFT SEZ. Further, both the organisations 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 development of GIFT SEZ as fintech hub of India and will make concerted efforts to support start-ups and fintech firms. Tapan Ray, MD and 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.” Vishakha Mulye, Executive Director, ICICI Bank said, “Over the years, India has emerged as a preferred destination for foreign investment. The young demographic profile, strong consumer demand and supportive Government initiatives have boosted India’s economic outlook significantly. 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 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”. She said. The Bank and GIFT SEZ will jointly 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, physical and virtual roadshows.
