In March 2025, the China Development Institute (CDI) in Shenzhen (China) and Z/Yen Partners in London (the United Kingdom, UK) released the 37th edition of the Global Financial Centres Index (GFCI 37).
- According to the index, Gujarat International Finance Tec-City (Gift City) in Gujarat, has achieved the top rank in the ‘reputational advantage’ category and improved its position from 45th to 40th in the fintech ranking.
About Global Financial Centres Index (GFCI 37):
i.This semi-annual report evaluates the competitiveness of 119 financial centres worldwide, serving as a critical reference for policy and investment decision-makers.
ii.The GFCI assesses financial centres based on 140 instrumental factors sourced from reputable organizations such as the World Bank (WB), the Organisation for Economic Co-operation and Development (OECD), and the United Nations (UN).
iii.These quantitative metrics are combined with insights from 31,314 assessments provided by 4,946 respondents through an online questionnaire.
Highlights of GFCI 37:
1.Top Global Financial Centres:
In GFCI 37, New York City (United States of America, USA) continues to hold the top position with a rating of 769, followed by London (United Kingdom, UK) in second place with 762 points. Hong Kong (China) secures the third spot with a rating of 760.
2.Asia-Pacific Progress:
i.The Asia-Pacific region showcases robust performance, with six centres ranking in the global top 20.
ii.Hong Kong(China) continues to hold the top position in the Asia-Pacific region, followed by Sinagpore and Shanghai(China).
ii.Notably, Hangzhou (China), New Delhi (India), Kuala Lumpur (Malaysia), Ho Chi Minh City (Vietnam), Manila (Philippines), and Gujarat International Finance Tec-City (GIFT City) of India have ascended six or more positions, reflecting the region’s growing financial prominence.
3.GIFT City’s Remarkable Progress:
i.GIFT City, India’s pioneering smart city and International Financial Services Centre (IFSC), has demonstrated significant advancements in GFCI 37:
- Reputational Advantage: Achieved the top rank, underscoring its enhanced global perception.
- Overall Ranking: Improved from 52nd to 46th place, marking its steady rise as an international financial centre.
ii.Additionally, GIFT City has maintained its position among the top 15 financial centres in the Asia-Pacific region.
Top 5 Financial Centres in GFCI 37:
| Centre | GFCI 37 | |
|---|---|---|
| Rank | Rating | |
| New York (USA) | 1 | 769 |
| London (UK) | 2 | 762 |
| Hong Kong (China) | 3 | 760 |
| Singapore (Singapore) | 4 | 750 |
| San Francisco (USA) | 5 | 749 |
| GIFT City-Gujarat (India) | 46 | 706 |
| Mumbai(India) | 52 | 700 |
| New Delhi(India) | 60 | 692 |
