DBS to set up base in GIFT City




The Development Bank of Singapore (DBS), a Singaporean multinational banking and financial services corporation, has been given approval by the International Financial Services Centre Authority (IFSCA) to set up an international banking unit (IBU) at GIFT City. GIFT City officials believe more financial companies from Singapore will enter GIFT City after the arrival of SGX Nifty.

DBS will offer financial services like trade finance, external credit borrowing (ECB), treasury operations and derivatives at its GIFT City IBU. According to sources, the IBU will make DBS bank's offering on foreign currency loans and trade finance business competitive.

Dipesh Shah, Executive Director, IFSCA at GIFT City, said, "IFSC at GIFT City is fast emerging as the most preferred jurisdiction for international financial services. A large number of transactions for Indian corporates, which were earlier structured from centres outside India, are now navigating to IFSC. The objective of the government to onshore the offshore financial services is gaining momentum with large Indian and foreign banks seeing multifold jumps in their businesses at GIFT IFSC." In the past three years the GIFT IFSC has had 25 Indian banks and 10 foreign banks set up base here.

Comments

Post a Comment

Popular posts from this blog

Singapore authorities say commodity finance “stable” amid growing market concerns

Image
A Singapore senior minister says the city-state’s financial regulator does not plan to inject liquidity into the commodity finance market, insisting access to finance from the banking sector remains robust. Tharman Shanmugaratnam, a senior government minister in charge of the Monetary Authority of Singapore (MAS), said this week that demand for working capital has increased among commodity traders due to higher margin requirements. As a result, traders “have had to use derivatives more widely to hedge their exposures against price volatility”, he said in response to a parliamentary question on risks to the financial sector. “Firms which do not manage their risks well may run into difficulty in servicing their loans.” In addition, virus containment measures introduced in China are expected to disrupt production and supply chains, causing “spillover effects” on the city-state’s trading activity, Shanmugaratnam said. The total exposure to commodity finance transactions among Singapore’s b
Read more

NBK named Best Trade Finance Bank in Kuwait for 2022

Image
National Bank of Kuwait (NBK) was named “Best Trade Finance Bank in Kuwait for 2022” in the annual survey of Global Trade Review (GTR), a magazine specializing in global emerging markets and trade, commodity finance and transaction banking. GTR selected NBK as one of the leading banks in the Middle East and North Africa (MENA) region in the trade finance sector, based on customer and market-specialized institution surveys conducted around the world. The GTR Leaders in Trade awards recognize excellence in the trade, commodity, supply chain and export financing, and well as FinTech markets. By receiving this award, NBK demonstrates its leadership in financing mega deals and projects, benefiting from its strong balance sheet, extensive experience, in addition to the exceptional and sustainable relations with its clients both locally and internationally. Read more: https://ngulminthanglhanghal.mystrikingly.com/blog/nbk-named-best-trade-finance-bank-in-kuwait-for-2022
Read more

MineHub Technologies Introduced Trade Finance Network Application

Image
As per the latest news, MiniHub Technologies Inc. has declared the introduction of its Trade Finance Network application, accessible to all platform users. The Trade Finance application is the first in a series of network applications that are being launched by MineHub soon. The MineHub Trade Finance Network is a network application, bringing perceivability, security, and productivity to funders of commodity transactions whilst digitizing organization and communication between lenders and finance providers. Coordinated with the core MineHub platform, this assistance is an extra contribution that further builds the worth of the MineHub platform to its clients. As per Arnoud Star Busmann, CEO at MineHub and formerly of ING Bank, the world’s biggest commodity bank, “Having had numerous years of experience with the intricacy and key risk drivers of commodity trade finance made this application the most noteworthy arrangement on our roadmap. The offer is exceptionally clear. Blockchain inno
Read more