Tokyo-based Sumitomo Mitsui Banking Corporation has obtained regulatory approval to set up a branch in India’s financial and tech hub.
SMBC has obtained approval from India’s Financial Services Centres Authority and Japan’s Financial Services Agency to open a branch in the Gujarat International Finance Tec-City (GIFT City), according to a statement. The new branch will focus on the foreign currency-denominated lending business to clients in India.
SMBC first entered India in March 2013 by establishing a branch in New Delhi. Thereafter, it also opened branches in Mumbai and Chennai in March 2017 and November 2020, respectively.
Financial and Tech Hub
GIFT City is India’s national project to create a hub for international finance and technology in the country. It aims to form a smart city that includes a financial offshore special economic zone with benefits such as tax incentives.
The concept was first formed in 2007 and the hub has since attracted various global financial institutions including J.P. Morgan, Deutsche Bank and Mitsubishi UFJ Financial Group.
