Bloomberg to provide global capital markets expertise to support GIFT’s aspiration to become a Global financial hub
Gandhinagar, December 7, 2018 – At an event today, Gujarat International Finance Tec-City (GIFT City) and Bloomberg announced a broad collaborative effort to advance India’s first international financial services center (IFSC) to Global investors.
Starting this month, Bloomberg will offer assistance and global expertise to GIFT IFSC, in support of its capital markets business. This will include collaborating on the design of a conducive regulatory framework for GIFT IFSC, and assisting in product development, facilitating market access and connectivity, and the launching of a global marketing initiative to reach real money managers and international investors.
“With the growing interest of global money managers towards India’s investment opportunities, GIFT City IFSC is emerging as a new international financial services gateway of India,” said Ajay Pandey, MD & Group CEO, GIFT City. “We are delighted to work with a global data and technology company like Bloomberg to bring world-class thinking and best practices to GIFT City IFSC, so we have a regulatory framework and market environment that is conducive for global investors.”
Started in 2015, GIFT City is India’s first international financial services center, $12 billion smart city and special economic zone developed in the Ahmedabad metropolitan region as a greenfield development. Currently, over 200 companies are operational with more than 8,500 employed at GIFT City, including India International Exchange, National Stock Exchange, State Bank of India, HDFC Bank, GIC Re and other well recognized institutions.
“Bloomberg’s collaboration with GIFT City IFSC is driven by our belief that advanced financial infrastructure and market transparency can attract greater investments,” said Nitin Jaiswal, Head of Government and Regulatory Affairs for Bloomberg in Asia Pacific. “We will be leveraging our global network to bring the GIFT City IFSC investment story to international financial professionals in Singapore, Hong Kong, Tokyo, Sydney, London and New York.”
In November 2018, the India International Exchange and National Stock Exchange started to provide real-time GIFT IFSC derivatives data to the Bloomberg Terminal, which has over 325,000 global subscribers. GIFT City IFSC was recently named among the top three emerging business hubs in the world, according to the September 2018 edition of Global Financial Centers Index 24 (GFCI). GIFT also made a new entry in the main index of the GFCI and ranked 77 in the list of 100 global financial centers.
About GIFT City (www.giftgujarat.in)
Gujarat International Finance Tec-City (GIFT) a Government of Gujarat Project in partnership with IL&FS is developing India’s First Global Financial Hub. GIFT is India’s first multi-service SEZ with International Financial Service Centre (IFSC) status which is catering to India's large financial services market by offering global firms, world-class infrastructure and facilities. It is attracting the top talent in the country by providing the finest quality of life. It is estimated that GIFT would provide 5,00,000 direct and an equal number of indirect jobs which would require 62 million square feet of office and residential space. Like other leading global financial centres, GIFT will target a 6-8% share of the financial services potential in India. Currently 15 mn sq ft of BUA has been allotted to various developers and institutions for development of office space, residential and social facilities, out of which 2 mn sq ft is operational and 3 mn sq ft is under construction. Approximately 200 institutions/units are currently operational at GIFT City employing ~8500 people and is expected to exceed 10,000 by end of the year.
About Bloomberg
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit Bloomberg.com/company or request a demo.
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