TAIPEI (Taiwan News) — Taipei Fubon Bank has secured approval to open a branch in Gujarat International Finance Tec-City, shifting focus from Mumbai to India’s newest financial hub.

The Financial Supervisory Commission announced Tuesday it had cleared Taipei Fubon’s application to Indian authorities, per CNA. Fubon said GIFT City will help it serve Taiwanese businesses and South Asian enterprises more efficiently.

FSC Banking Bureau Deputy Director Hou Li-yang (侯立洋) explained that the bank gained approval for a Mumbai branch in February but pivoted after India began encouraging firms to locate in GIFT City with attractive tax incentives. Fubon then withdrew its Mumbai application in favor of Gujarat’s new financial hub.

Hou added that other Taiwanese banks in India include CTBC Bank with two branches, plus Bank of Taiwan and Mega International Commercial Bank with one representative office each. Earlier this year, the FSC approved CTBC Bank’s application to set up a GIFT City branch, although operations have yet to start.

Fubon described GIFT City as India’s first greenfield smart city, highlighting its tax benefits and popularity among financial institutions. It said the approved branch will strengthen services for Taiwanese while tapping opportunities from India’s growth.

As of May, Taipei Fubon Bank’s overseas network includes branches in Hong Kong, Vietnam, and Singapore, along with representative offices in Jakarta, Sydney, and Seoul.