Market Chatter: JPMorgan Chase Inundated With Potential Clients Exploring Setting Up in India's Global Finance Hub

MT Newswires Live07-17

JPMorgan Chase (JPM) has been approached by more than 100 companies to explore the US lender's banking and payment services to set up corporate treasury operations at the Gujarat International Finance Tec-City, known as GIFT City, in India, Bloomberg reported Friday.

GIFT City, which India is positioning as a global financial hub to rival Dubai or Hong Kong, offers exemptions from certain taxes and regulatory restrictions, making it more attractive for international capital raising, the news report said.

Clients approaching JPMorgan include insurance companies and fintech firms, the news report said, citing Guhaprasath Rajagopal, managing director and head of payments at JPMorgan India.

JPMorgan did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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