Standard Chartered gets GIFT City wealth approval
Analysis based on 12 articles · First reported Aug 06, 2026 · Last updated Aug 06, 2026
The approval strengthens Standard Chartered's competitive position in India's fast-growing wealth management market, potentially boosting its fee income and client base. It also reinforces GIFT City's attractiveness as an international financial hub, which could accelerate growth in banking assets and attract more foreign financial institutions.
Standard Chartered received in-principle approval from the India — International Financial Services Centres Authority (IFSCA) to distribute capital market products from International Finance Corporation (GIFT City), enabling the bank to launch retail wealth management services from the Indian financial hub. The bank, which was the first foreign bank to start operations in GIFT City in 2020, currently serves over 600 clients and has financed more than $25 billion in transactions. It expects to roll out the wealth offerings over the next few months. The approval expands Standard Chartered's presence beyond corporate and institutional banking into products aimed at individual investors, joining HSBC in offering wealth products via the hub. GIFT City, promoted by the Indian government as a financial centre to rival Singapore and United Arab Emirates — Dubai, offers a 100% tax holiday for 10 consecutive years within the first 15 years of operation. The hub now hosts 37 banks, including 20 foreign lenders, with banking assets exceeding $106 billion. The move aligns with rapid growth in India's wealth management industry, with Deloitte estimating assets under management will nearly double to $2.3 trillion by FY29.
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