New Delhi, Aug 26 (PTI) GIFT City on Thursday said it has collaborated with ANSR to attract companies to set up high-end processing centres related to financial services in the country's only operational IFSC.

The two organisations will work together to attract companies to set up Global In-house Centres (GICs) and Global Capability Centres (GCCs) at the Gujarat International Finance Tec-City or GIFT City, according to a statement.

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A GIC in GIFT IFSC (International Financial Services Centre) can provide support services, directly or indirectly, to entities within its financial services group.

The regime at GIFT SEZ provides benefits such as a competitive taxes, ease of doing business, comparatively lower operational costs and state-of-the-art infrastructure.

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"The recent regulatory changes and tax incentives have made it an attractive proposition for setting up GICs and GCCs at GIFT City. This will provide an opportunity to utilize the large untapped talent pool with state-of-the-art infrastructure," Tapan Ray, MD and Group CEO, GIFT City, said.

Lalit Ahuja, founder and CEO of ANSR, said the partnership with the stakeholders of GIFT City will set the path for an accelerated development of the region as an important location for leading global companies establishing business critical capabilities.

ANSR, a global market leader in the business of designing, establishing and operating GICs, has established over 75 GICs. Its clients include Wells Fargo Bank, Silicon Valley Bank, CME, Delta Airlines and PepsiCo.

In October 2020, the central government notified GICs as a financial service relating to financial products and financial services under the IFSCA Act.

Subsequently, in November 2020, the IFSC Authority (IFSCA) notified the IFSCA (GIC) rules covering the operating framework to recognise and operationalise GICs in GIFT IFSC.

The model of GICs has transformed the global landscape in the past two decades. GIC model has proven to efficiently deliver support services augmented with digital and technological advancements.

The pandemic has stimulated the model of GICs and GCCs further to show that disruptive digital technology coupled with innovative delivery models and capable talent pool are a transformational way of doing business.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)