Source: IE
Context:
Standard Chartered Bank, CCIL IFSC Ltd, and the International Financial Services Centres Authority (IFSCA) are set to launch a real-time settlement platform for US dollar-denominated trades in GIFT City, Gandhinagar, Gujarat, likely on October 7, 2025.
Key Details:
- Standard Chartered Bank is the sole banking partner for the platform.
- CCIL IFSC Ltd, a subsidiary of the Clearing Corporation of India Ltd (CCIL), will act as the payment system operator (PSO) for the foreign currency settlement system (FCSS).
- IFSCA will regulate and supervise the platform under its mandate for development of financial products and services in international financial services centres.
