100+ MNCs explore GIFT City treasury ops

More than 100 multinational companies have approached JPMorgan Chase to explore banking and payment solutions for corporate treasury operations at International Finance Corporation (GIFT City) over the next 12 to 18 months, according to a Bloomberg report. The companies include multinational corporations, insurance firms, and fintech players evaluating how GIFT City can centralize treasury functions, manage global liquidity, and conduct foreign currency transactions. GIFT City, a flagship project backed by Prime Minister Narendra Modi, offers a 20-year tax holiday and a single regulator, the India — International Financial Services Centres Authority. Banking assets at GIFT City have more than doubled to over $100 billion in two years. Ten corporate treasury centers are already operational, including AMNS Global Treasury Centre IFSC and Amefird Treasury. JPMorgan's managing director Guhaprasath Rajagopal noted that treasury centers are a major growth theme, with companies interested in foreign-currency accounts alongside rupee capabilities. The expansion creates opportunities for banks to provide liquidity-management services.