🚨UPDATE: HO CHI MINH CITY’S FINANCE DEPARTMENT SIGNS AN MOU WITH BINANCE TO ADVANCE VIETNAM’S PLANNED INTERNATIONAL FINANCIAL CENTER ...

Core Insights - GIFT City is emerging as a significant financial hub in India, attracting global banks and capturing market share from established centers like Hong Kong and Singapore [1][17] - The hub offers tax incentives, including a 10-year tax holiday on business income and the absence of withholding tax on loans, making it an attractive option for lenders [3][17] - Indian companies are increasingly preferring to borrow from GIFT City, with the hub disbursing nearly $20 billion in dollar loans in the fiscal year ended March, representing over a third of total offshore loans for local companies [1][17] Financial Growth and Investment - S&P Global Ratings anticipates that top Indian businesses will increase capital expenditure to approximately $800 billion between fiscal 2026 and 2030, and an additional $1 trillion by fiscal 2035 [5][17] - The banking assets and funds in GIFT City have grown more than twofold since June 2023, with banks managing $94 billion as of June, nearly triple the amount from three years prior [7][10] - The shift of the SGX Nifty contract to GIFT City has boosted the derivatives business, with annual equity derivatives turnover crossing $1 trillion in the fiscal year ended March, up from $255 billion in fiscal 2023 [11][17] Competitive Landscape - GIFT City is taking a larger share of the offshore borrowing market for Indian companies, posing a challenge to established financial centers [4][17] - Domestic banks like Axis Bank have consolidated their foreign business to GIFT City, shutting down branches in other global hubs [9][17] - The all-inclusive borrowing cost in GIFT City is reported to be 50 to 70 basis points lower compared to other global centers, enhancing its competitive edge [17] Challenges and Future Prospects - Despite progress, GIFT City faces challenges in attracting talent and competing with established cities in terms of infrastructure and social amenities [14][17] - The push for Indian corporates to raise foreign equity capital from GIFT City is still in early stages, with no immediate plans from large Mumbai-listed companies [12][17] - The Indian government's initiatives to spur green bond trading in the hub have not gained traction, indicating areas for improvement [13][17]

Core Viewpoint - The 14th "Shanghai Financial Professionals" selection has commenced, emphasizing the importance of a strong financial talent pool for building a financial powerhouse [1] Group 1: Event Overview - The selection features three awards: "Annual Person of the Shanghai International Financial Center Construction," "Leading Figures in Shanghai's Financial Industry," and "Innovative Figures in Shanghai's Financial Industry" [1] - Participants must be from licensed financial institutions and have worked full-time in Shanghai for at least two years [1] Group 2: Talent Development - The revised "Shanghai International Financial Center Construction Regulations" for 2024 includes a dedicated chapter on financial talent environment construction, focusing on market-oriented policies for talent cultivation, evaluation, and service [1] - The event encourages top talents who contribute to long-term capital cultivation and high-level financial openness to participate [1] Group 3: Participant Characteristics - The current selection has attracted nearly a hundred financial professionals, showcasing three distinct characteristics: - Broad coverage across traditional sectors like banking, securities, and insurance, as well as emerging fields like green finance and financial information [1] - International representation, including foreign financial professionals and those with extensive overseas experience, particularly in areas like the Belt and Road Initiative and cross-border financial infrastructure [1] - Strong innovation, with candidates actively involved in promoting long-term capital, technological finance, green finance, inclusive finance, pension finance, and digital finance [1] Group 4: Selection Process - The selection process combines self-nomination, committee nominations, media reviews, online voting, and expert evaluations [2] - The results will be announced in September 2025 [2]

Core Viewpoint - The 14th "Shanghai Financial Talent" selection has been launched, emphasizing the importance of a strong financial talent pool for building a financial powerhouse [1][2] Group 1: Event Overview - The selection attracted nearly 100 financial professionals, with three awards established: "Annual Person of the Shanghai International Financial Center Construction," "Leading Figures in Shanghai's Financial Industry," and "Innovative Figures in Shanghai's Financial Industry" [1] - Participants must be from licensed financial institutions and have worked full-time in Shanghai for at least two years [1] Group 2: Talent Characteristics - The candidates exhibit three distinct characteristics: broad coverage across traditional and emerging financial sectors, international representation including foreign financial professionals, and strong innovation capabilities in areas like green finance and digital finance [2] - The selection process combines self-nomination, committee recommendations, media reviews, online voting, and expert evaluations, with results to be announced in September 2025 [2] Group 3: Historical Context - The "Shanghai Financial Talent" selection has been held for thirteen consecutive years, with over 200 financial talents recognized, significantly enhancing Shanghai's international financial center's soft power and cultural atmosphere [2]

Group 1 - The meeting between Li Yunzhe, the head of the National Financial Supervision Administration, and Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, focused on the latest developments in the economic and financial sectors of Mainland China and Hong Kong [1] - Discussions included enhancing bilateral regulatory cooperation and reinforcing Hong Kong's status as an international financial center [1]