EY India, in collaboration with HSBC, has unveiled a compendium titled ‘The GIFT City Advantage: Doing Business in India’s International Financial Services Centre (IFSC)’
FinTech BizNews Service
Mumbai, 4 December 2025: HSBC, in collaboration with EY India, has announced the launch of
the compendium – The GIFT City Advantage: Doing Business in India’s International Financial
Services Centre (IFSC). The compendium was unveiled by Shri K. Rajaraman, Chairman, IFSCA
and Smt. Anuradha Thakur, Secretary, Department of Economic Affairs, Government of India. Joining
the dignitaries at the launch of the compendium were Hitendra Dave, CEO, HSBC India, and Sameer
Gupta, National Tax Leader, EY India.
GIFT City is rapidly evolving into one of India’s most vibrant financial and business hubs. As global
capital flows shift and India strengthens its position in international finance, GIFT City’s ecosystem is
becoming pivotal to this transformation.
The compendium serves as an essential resource for both global and domestic firms, offering a
comprehensive overview of the financial services ecosystem at GIFT City, IFSC. It highlights the
impact of progressive policymaking, state-of-the-art infrastructure, and a unified regulatory framework
provided by IFSC Authority (IFSCA). This synergistic approach is fostering a platform for global
banking, fund management, insurance, capital markets, finance companies, fintech, and alternative
investment vehicles. By providing insights into the regulatory, tax, and operational environment, the
compendium equips businesses with the knowledge needed to navigate and capitalize on the
opportunities within GIFT City, enhancing their strategic positioning in the international financial arena.
Smt. Anuradha Thakur, Secretary, Department of Economic Affairs, said: “GIFT City reflects
India’s long-term vision of building a globally competitive, innovation-led financial ecosystem. With its
unified regulatory architecture and robust infrastructure, it is emerging as an important gateway for
global capital, high-value financial services and future-ready talent.”
Shri K. Rajaraman, Chairperson, IFSCA said “IFSCA remains committed to shaping a world-class
regulatory environment that promotes innovation, safeguards investor confidence, and positions GIFT
City as a leading international financial jurisdiction. Our focus is on enabling new products, deepening
markets and attracting global institutions.”
Hitendra Dave, Chief Executive Officer, HSBC India said, “GIFT City is redefining the future of
international financial services, serving as a gateway for global capital and innovation. The combined
growth in derivatives, offshore fund structures, and international banking demonstrates the centre’s
ability to attract diverse categories of financial players. The next phase will be defined by
partnerships, and deeper capital-market engagement.”
Rajiv Memani, Chairman and CEO, EY India said, “GIFT City-IFSC has reached a pivotal stage in
its evolution. Crossing 1,000 registered units and USD 100 billion in banking assets underscores that
global institutions now view it as a credible, long-term strategic base. What excites the EY and HSBC
teams is the momentum and depth of interest that GIFT City-IFSC is attracting. As we stand today,
the GIFT City-IFSC ecosystem is no longer just promising, it is maturing, diversifying, and
compounding in its impact.”
Key highlights of the Compendium
Banking and capital markets: USD 100 billion in assets and rising cross-border activity
The compendium notes that banking continues to anchor GIFT City’s growth, with significant
expansion in the International Banking Units (IBUs), with consolidated assets now exceeding USD
100 billion. Trade finance, treasury operations, and cross-border lending have seen a marked uptick
as global and Indian banks increasingly use IFSC to centralise offshore operations. It highlights a
clear shift from basic booking activities to more sophisticated business lines such as structured
finance, global treasury centres, and risk management functions.
Capital market activity at IFSC exchanges has expanded steadily, with average monthly turnover
around USD 90 billion. Cumulative debt listings have crossed USD 67 billion, making IFSC a
preferred venue for global bond issuances by Indian corporates, multilateral institutions, and
international issuers.
Funds & Asset Management: 310 AIFs with USD 26 billion commitments
Fund management remains the fastest-expanding vertical. Over 310 Alternative Investment Funds
(AIFs) have registered at IFSC, with total commitments crossing USD 26 billion. The compendium
highlights the increasing use of GIFT City for pooling offshore capital, launching global fund
structures, and channelling investment into India and other emerging markets. Regulatory flexibility, a
globally comparable legal framework, and the ability to set up multi-jurisdictional fund platforms
continue to attract new fund managers.
Insurance, Fintech and Global Capability Centres gaining traction
The compendium notes rising activity in reinsurance, fintech services, and the establishment of GCC-
type units to support global operations. International insurers are increasingly using GIFT City for
catastrophe and specialty reinsurance, while fintech’s are leveraging the sandbox framework to pilot
cross-border payment solutions, digital identity services, and emerging-tech use cases.
A maturing ecosystem with strategic implications
The compendium emphasises that GIFT City is now entering a scale-up phase. The ecosystem is
expanding beyond core banking and markets, with greater depth in advisory, compliance, asset
servicing, legal, and ancillary services. This integrated environment is enhancing ease of doing
business and making the financial centre more competitive with established hubs in Asia and the
Middle East.
