In October 2025, the China Development Institute (CDI) in Shenzhen (China) and Z/Yen Partners in London (the United Kingdom, UK) released the 38th edition of the Global Financial Centres Index (GFCI 38).
- According to the index, Gujarat International Finance Tec-City (Gift City) in Gujarat, has climbed from the 46th position in the previous edition to 43rd position in the 38th edition.
Exam Hints:
- What? GFCI 38
- About GFCI: Compiled 140 instrumental factors, evaluate 135 Fin centres
- Top Fin Centres: New York, London, Hong Kong
- Asia Specific: 6 featured in top 15.
- Newly Added: Labuan
- Fintech: HK, Shenzen, NY
About Global Financial Centres Index (GFCI 38)
Financial centres: The semi-annual report evaluates the competitiveness of 135 financial centres worldwide for this latest edition.
Instrumental Factors: The GFCI was compiled using 140 instrumental factors provided by third parties including the World Bank (WB), the OECD (Organization for Economic Co-operation and Development), and the UN (United Nation).
Assessments: The instrumental factors were combined with 28,549 assessments of financial centres provided by 4,877 respondents to the GFCI online questionnaire.
Highlights of GFCI 38
Top Financial Centres: New York (NY) City (United States of America, USA) continues to hold the top position with a rating of 766, followed by London (UK) in 2nd place with 765 points and HK (China) secures the third spot with a rating of 764.
Top 5 Financial Centres in GFCI 38
| Centre | GFCI 38 | |
|---|---|---|
| Rank | Rating | |
| New York (USA) | 1 | 766 |
| London (UK) | 2 | 765 |
| Hong Kong (China) | 3 | 764 |
| Singapore (Singapore) | 4 | 763 |
| San Francisco (USA) | 5 | 749 |
| GIFT City (India) | 43 | 716 |
| Mumbai (India) | 46 | 713 |
| New Delhi (India) | 54 | 705 |
Asia-Specific progress: The Asia–Pacific region demonstrated notable progress, with six of its financial centres featuring among the world’s top 15.
- The region also registered an average rating increase of 1.27%, reflecting its strengthening global competitiveness.
- Beijing (China) was the sole Asia–Pacific financial centre whose ranking declined in GFCI 38.
- Labuan (island in Malaysia) made its debut in the index, securing the 60th position.
Fintech: Alongside the main GFCI index, we analyse financial centres in terms of their FinTech offering.
- HK has secured the leading position, followed by Shenzhen (China) in second place and NY in third.
GIFT City’s Remarkable Progress
The GIFT city improved both its overall and FinTech rankings, signalling investor confidence in India’s International Financial Services Centre (IFSC).
- The GIFT city is among the top 15 financial hubs in the Asia-Pacific region and remains the only Indian city on that list.
- It has strengthened its FinTech position from 40th to 35th globally.
