In order to establish a unified regulator, the International Financial Services Centres Authority (IFSCA) has been formed to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.
As per global estimates, there are one billion people in the silver generation (a global cohort of individuals aged 60 and older) with a combined spending power of $15 trillion and the size is ever-expanding. Development in medicinal science and technology will support extending of lifespan and longevity of the silver generation. It is estimated that by 2040, there will be more members of the silver generation than people under 20 years of age. The change in demography will open doors to new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products.
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Hence, in its endeavour to develop Logevity Finance Hub in GIFT, IFSC has constituted an Expert Committee to recommend an approach towards the development of Longevity Finance Hub and provide a road map for the same.
The IFSCA is being co-chaired by Kaku Nakhate, president and country head (India), Bank of America, and Gopalan Srinivasan, Ex-CMD, New India Assurance Company Limited. Further, the committee members comprise leaders from the entire longevity finance ecosystem including areas such as banking, insurance, wealth management, FinTech, legal, compliance and management consultancy.
(With inputs from PIB)