To strengthen the presence in the country’s new financial & technology gateway, Kotak Mahindra Bank Limited (KMBL) today announced that it has signed a Memorandum of Understanding (MoU) with GIFT SEZ Limited (GIFT SEZ), enabling both to work together towards greater enhancement of the financial services eco-system in GIFT IFSC for AIFs and Global Custody Services.
Both Kotak Mahindra Bank and GIFT SEZ (a wholly owned subsidiary company of Gujarat International Finance Tech-City Co. Ltd), will cooperate towards wide-ranging activities to improve customers’ overall financial services offerings. According to the MoU, one area of focus will be to ease market access and cross border activities for the fund management community. Both KMBL and GIFT SEZ will jointly work on promoting the GIFT IFSC jurisdiction for AIF fund structures, holding seminars and knowledge series, ease of doing business, expansion of financial infrastructure including the custodian activities like setting up of Global Custody services, etc.
In May 2021, Kotak Mahindra Bank had issued the first-ever FPI license to a GIFT IFSC AIF, marking a new beginning in the journey of the fund business in GIFT IFSC.
KVS Manian, Whole Time Director & Member of Group Management Council, Kotak Mahindra Bank said, “The MoU between Kotak Mahindra Bank and GIFT SEZ will further enhance and strengthen our relationship as we work closely to improve the financial services eco-system at GIFT for AIF Structures and Global Custodian Services. Our endeavour is to provide easy market accessibility for both the domestic and overseas financial entities that plan to set up their operations in the financial & technology gateway of India.”
Tapan Ray, MD & Group CEO, GIFT City said, “AIFs, as a distinct asset class, has grown significantly in recent times. At GIFT IFSC, wealth management business, including AIFs and custody operations, has immense business opportunities. The MoU with Kotak Mahindra Bank is a significant step in this regard that will strengthen the vibrant and competitive ecosystem offered by GIFT IFSC, and draw international and domestic players operating in this segment.”