Gujarat International Finance Tec-City (GIFT City)'s International Financial Services Centre (IFSC) has bagged the 10th spot in the latest edition of Global Financial Centres Index (GFCI), London, September 2017.
GIFT IFSC is ranked tenth, ahead of Luxembourg, Seoul, Abu Dhabi, Toronto and Beijing in the list of the GFCI
report, which has 15 centres that are likely to become more significant in the next few years.
Including GIFT City's IFSC, six of the top ten emerging centres are in Asia.
Produced bi-annually by the China Development Institute
(CDI) in Shenzhen and Z/Yen Partners in London a leading commercial think-tank, the GFCI
report covers around 92 centres and 16 associate centres globally.
The report presents parameter for measuring the attractiveness of financial centres apart from providing a strategic understanding into the growth and competitiveness of financial centres.
According to the report, while well-established centres such as New York, London, Singapore, Hong Kong and Tokyo have maintained their lead, emerging centres like GIFT IFSC have made significant progress.
"The recognition of GIFT IFSC as one of the most significant emerging financial centres by GFCI, London is the testimony of the contribution GIFT IFSC is making in the international financial services business," said Ajay Pandey, MD & Group CEO, GIFT City.
GIFT IFSC is operational with approximately 10 leading banks, 8 insurance companies and participating brokers, and 2 International Exchanges (India INX and NSE IFSC) along with around 100 capital market players have established their base at GIFT IFSC.