GIFT City: India’s FinTech Frontier
India’s bold experiment in global finance—Gujarat International Finance Tec-City (GIFT City)—has evolved from vision to a thriving reality. With its futuristic infrastructure, a unified regulatory body, and FinTech-first incentives, GIFT IFSC (International Financial Services Centre) is now one of the fastest-growing FinTech hubs globally, attracting major players including Google, which announced its global FinTech operations center here in 2023.
While much has been said about GIFT's promise, recent developments and strategic alignments—especially those supporting FinTechs—signal a new era. And it’s here that Glomo is uniquely positioned to thrive.
GIFT IFSC: A Smart City Built for FinTech Excellence
Located between Ahmedabad and Gandhinagar, GIFT City spans 886 acres with state-of-the-art features such as a district cooling system, underground utility tunnels, and a “walk-to-work” ecosystem. But it’s more than just infrastructure; it’s a global financial sandbox for companies aiming to serve international clients in non-INR currencies.
With over 580 registered entities (as of December 2023), including 72 FinTech companies, the momentum is clear.
Regulatory Innovation: The IFSCA Advantage
What sets GIFT apart is its single unified regulator—IFSCA—that brings together the powers of RBI, SEBI, IRDAI, and PFRDA. This streamlines approvals, reduces red tape, and enables innovations across banking, insurance, capital markets, and morefintech-in-gift-ifsc-fi….
The IFSCA’s FinTech Entity Framework (2022) is a game-changer. It offers two flexible pathways:
- Direct Authorization for fully developed products
- Sandbox Authorizations (regulatory, innovation, interoperable) for testing new ideas with fewer regulatory burdens
The FinTech Magnet: Why Companies Are Moving In
Tax and Business Incentives
- 100% income tax exemption for 10 years within a 15-year block
- No GST on services to and from SEZ/IFSC units
- Lower Minimum Alternate Tax (MAT) of 9% on profits, and exemptions for some startups
- Currency flexibility—entities operate in freely convertible foreign currencies
Global Opportunity with Local Enablement
The IFSCA FinTech Incentive Scheme offers grants up to INR 75 lakhs, targeted at startups, sandboxes, accelerators, and even green FinTechs.
And this is only the beginning. With regulatory bridges to Singapore and plans for tokenisation, insurtech, longevity finance, and even Web3 and metaverse integrations, the future is already underway.
Glomo: Strategically Aligned for the GIFT Opportunity
Glomo’s core mission—to simplify global payments, financial workflows, and partner integration—echoes the aspirations of GIFT IFSC. With its tech-forward suite of automation, compliance, and AI-powered decision-making, Glomo naturally fits into:
- Cross-border payments
- Embedded finance
- AML/KYC systems using AI/ML
- Regulatory tech and supervisory tech solutions
As more FinTechs look to GIFT for a sandbox-to-scale model, Glomo brings a maturity and execution focus that many experimental players still lack. Its collaborative ethos, proven product capabilities, and market credibility across emerging and developed financial systems make it a strategic fit for global FinTech operations headquartered in GIFT.
Looking Ahead: GIFT and Glomo, Together in the Next Chapter
GIFT City is no longer just a symbol of India’s financial ambition, it’s a concrete launchpad for FinTech globalisation. For Glomo, this ecosystem represents more than just opportunity. It’s a strategic alignment of infrastructure, regulation, talent, and vision.
With new regulatory developments on digital assets, global payment rails, and tokenized infrastructure emerging, Glomo is set to lead, not follow.