India has emerged as one of the most dynamic economies and top investment destinations in the world, with robust growth, deepening capital markets, and an expanding middle class fuelling demand for financial products and services. At the heart of its ambition to become a global financial hub lies GIFT IFSC — India’s maiden International Financial Services Centre (IFSC) — which offers an unparalleled platform for international financial institutions to tap into the Indian growth story.
For Taiwanese financial institutions — banks, asset managers, fintech companies, insurance companies, payment service providers, etc — seeking to expand their global footprint and diversify their markets, GIFT City presents a unique opportunity.
Located in Gujarat state, GIFT City is an international financial center for the new age, designed to rival global hubs such as Singapore and Dubai. It is a separate economic and offshore jurisdiction within onshore India. The financial center has its own unified regulator, the International Financial Services Centres Authority (IFSCA), which provides a liberal, business-friendly regulatory environment in line with global standards. At GIFT City, financial institutions can offer products and services in foreign currencies, including New Taiwan dollars, serve international and Indian clients, and access India’s vast talent pool — all while enjoying significant tax and operational benefits.
India and Taiwan share complementary economic strengths. Taiwan is globally renowned for its innovation, manufacturing and technology prowess; India offers scale, human capital, a large number of English-speaking tech-abled youth, and a rapidly growing demand for sophisticated financial services. As India’s economy grows, the need for capital, risk management solutions and financial innovation will only increase — and Taiwanese expertise can play a vital role.
With 31 banks operating in GIFT City, including 15 foreign banks, the banking sector at GIFT City enables foreign banks to book offshore transactions, raise dollar funding and support trade finance in a tax-efficient manner. This is particularly attractive for Taiwanese banks looking to deepen their presence in South Asia and beyond.
With more than 175 global asset management firms having set up more than 260 fund vehicles to pool international capital, and invest in India and other global markets, the GIFT IFSC is slowly emerging as a preferred hub to pool global capital. With a simplified regulatory regime, tax holiday and tax certainty, no capital gains tax on certain securities, it has attracted some of the world’s largest fund managers.
With more than 160 applications from 15 jurisdictions, the fintech ecosystem at GIFT City is thriving. The IFSCA has launched a dedicated fintech framework, including a regulatory sandbox and incentives for innovation. Taiwan’s fintech firms can leverage this to pilot cross-border solutions, digital payments, blockchain-based products and more, benefiting from India’s deep digital infrastructure and large client base.
Additionally, businesses in GIFT City enjoy competitive operating costs compared with other global financial centers, while benefiting from 100 percent ownership rights, tax holidays and several tax exemptions.
Today, more than 850 entities operate in GIFT City, across banking, fund management, insurance, capital markets, fintech, aircraft and ship leasing and financing, professional service providers and foreign universities. The momentum is strong, and the government’s vision is clear: to make GIFT City the gateway to India and a bridge to global markets. We invite Taiwanese institutions to explore GIFT City — to partner in India’s growth, to innovate together, and to create value across borders.
Manharsinh Yadav is director-
general of the India Taipei Association.
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