GIFT IFSC: The Expert Committee on Longevity Finance was established by the International Finance Services Centres Authority (IFSCA) and co-chaired by Ms. Kaku Nakhate, Country Head (India), Bank of America, and Mr. Gopalan Srinivasan, Ex-CMD, New India Assurance Co. Ltd. Its final report was submitted to the Chairperson, IFSCA on April 12, 2022.
The committee looked at global trends in the Longevity Economy and found that persons over 60 are still a highly productive demographic group in terms of purchasing power and make up the wealthiest segment of the financial system, with $15 trillion in global spending power.
first Global Longevity Hub (GLH) be established in GIFT IFSC
The Committee recommended that the first Global Longevity Hub (GLH) be established in GIFT-IFSC, emphasising the importance of the financial services sector in the growth of the longevity industry. The hub should focus on developing the longevity economy by offering various longevity finance solutions in collaboration with leading corporates and financial institutions such as banks, pension funds, asset management funds, insurance companies, and so on.
“Advances in healthcare and medical technology have improved the longevity of humans,” said Ms. Kaku Nakhate, Co-Chair of the Expert Committee. Building a robust longevity finance centre at IFSC has the potential to open up opportunities in wealth management, insurance, pensions, silver entrepreneurship, and medical tourism in the long run.
Will assist GIFT IFSC
This will assist GIFT IFSC establish itself as a global leader in longevity finance, meeting the needs of baby boomers, Gen X, and Gen Y cohorts, as well as paving the way for millennials. I would encourage global banks, insurance companies, financial institutions, and fintech and health-tech companies to open offices here in order to create a world-class longevity hub.”
Mr. Gopalan Srinivasan, Co-Chair of the Expert Committee, said, “This is a tremendous initiative that will have a very positive impact on the role of the silver generation.” “It has been a pioneering initiative on the part of IFSCA to form an expert committee on Longevity Finance and recognise the necessity of building a longevity finance hub in the IFSC,” he went on to say. The Hub will concentrate on skill development and entrepreneurship, as well as the demand for financial and insurance products among the silver generation.”
IFSCA’s Chairperson commended the Expert Committee for their insightful proposals and endorsed the idea of boosting Longevity Finance as a priority in GIFT IFSC’s overall Sustainable Finance framework.
The members of the committee came from many sectors of the longevity finance ecosystem, including banking, insurance, wealth management, FinTech, legal, compliance, and management consulting.