Kotak Bank signs MoU with GIFT SEZ for boosting financial services

Kotak Mahindra Bank (KMB) signed a Memorandum of Understanding (MoU) with GIFT SEZ Limited (GIFT SEZ) for boosting financial service ecosystem at International Financial Services Center (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 (an entirely owned subsidiary organization of Gujarat International Finance Tech-City Co Ltd) will participate towards wide-ranging activities to further improve clients’ in overall financial services offerings, it said.

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

Both entities will together work on advancing the GIFT IFSC purview for AIF store 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, and so forth, it said.

In May 2021, Kotak Mahindra Bank had issued the very first FPI license to a GIFT IFSC AIF, marking a fresh start in the journey of the fund business in GIFT IFSC.