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GIFT City: Panel for longevity finance | Ahmedabad News

Ahmedabad: With the aim of developing a Longevity Finance Hub in Gujarat International Finance Tec-City (GIFT City), IFSC, the International Financial Services Centers Authority (IFSCA), has assembled a committee of experts to address the development of the proposed hub and provide a roadmap for the same, sources close to development said.
The expert committee is co-chaired by Kaku Nakhate, President and Chief Executive Officer (India), Bank of America, and Gopalan Srinivasan, Ex-CMD, New India Assurance Company Limited, according to an official statement from IFSCA.
The committee members are made up of leaders from across the longevity finance ecosystem, including from areas such as banking, insurance, wealth management, fintech, legal, compliance and management consultancy.
Global estimates suggest there are one billion people in the silver generation (a global cohort of individuals aged 60 and older) with a combined purchasing power of $15 trillion and the size is growing, according to the release.
Development in medicinal science and technology will support the extension of the lifespan and longevity of the silver generation.
“It is estimated that by 2040 there will be more members of the silver generation than those under 20. This demographic change will bring new challenges and opportunities, especially in wealth management, health, insurance and other investment products,” it said.
IFSCA was established as a unified regulator for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centers (IFSCs) in India.
GIFT IFSC at Gandhinagar is the first IFSC in the country.
The 14-member committee is made up of industry leaders and experts such as Margaretta Colangelo Co-Founder & CEO, Jthereum Corporation, Nilesh Shah MD, Kotak Mahindra Asset Management Company Limited and NS Kannan MD & CEO, ICICI Prudential Life Insurance Company, among others.
The committee will recommend IFSCA on a long-term vision for establishing a Longevity Finance Hub in GIFT IFSC, including the prospect of transgenerational value creation, the availability of innovative financial products that address the needs of different age groups, and bringing together the human, societal and financial capital.
IFSCA’s mandate is to create a world-class ecosystem with complete ease of doing business.
Furthermore, it should provide an efficient and facilitative regulatory system comparable to the best jurisdictions in the world, to develop IFSC in India as a preferred center for international financial services.
Apart from channeling India’s offshore business to the IFSC in GIFT City and making it the gateway for international financial services central to India, the aim is to make it a global hub for international financial services in India. the London, Hong Kong, Singapore and Dubai lines, the statement said.

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