Kotak Bank signs MoU with GIFT SEZ for boosting financial services ecosystem at IFSC

Kotak Mahindra Bank (KMB) on Thursday signed a Memorandum of Understanding (MoU) with GIFT SEZ Limited (GIFT SEZ) for boosting financial services ecosystem at International Financial Services Centre (IFSC) at Gandhinagar. This will enable both to work together towards greater enhancement of the financial services ecosystem in GIFT IFSC for Alternative Investment Funds (AIFs) and Global Custody Services, a joint statement said.
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, it said.

According to the MoU, one area of focus will be to ease market access and cross border activities for the fund management community.

Both entities 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, it said.

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.