The approval marks a milestone in the bank’s efforts to broaden access to its global wealth capabilities; it will strengthen the bank's ability to serve clients across both their banking and wealth management needs through one of the world's fastest-growing international financial centres.

The bank said it expects to launch its Signature CIO Funds for clients from GIFT City in the coming weeks, with additional wealth solutions to follow over time. The Signature CIO Funds are a suite of four funds designed to provide access to the bank’s Chief Investment Office (CIO) investment strategies through diversified multi-asset portfolios spanning equities, fixed income, commodities, alternatives and cash.

Since being launched in 2022, the Signature CIO Funds have attracted more than $5 billion in assets under management and are available across 12 markets, including Standard Chartered's private banking centres.

"We are seeing growing demand from affluent clients for internationally diversified portfolios, expert advice and seamless access to opportunities across markets. GIFT City provides a compelling platform to serve these needs, drawing on India's growing role in global wealth creation and investment flows,” Samir Subberwal, global head, wealth solutions, retail products, data and analytics, Standard Chartered, said. “This approval marks an important step in expanding our wealth capabilities through GIFT City, starting with the launch of our Signature CIO Funds and followed by a broader suite of wealth solutions over time.”

Standard Chartered, which was the first foreign bank to start operations in GIFT City in 2020, provides a suite of banking services to corporate and institutional clients from the centre.