Mumbai: Standard Chartered has received in-principle approval to offer wealth management products to clients from India's tax-neutral financial hub, Gujarat International Finance Tec-City (GIFT City), the bank said in a statement on Thursday.The International Financial Services Centres Authority (IFSCA), the regulator for ‌the international ⁠financial ⁠services hub, granted the in-principle approval, and Standard Chartered expects to roll out its retail wealth management offerings over the next few months.Also read: Standard Chartered sees exit of several top wealth executives in India"Building on our deep roots in the GIFT City ecosystem, this distribution approval enables us to bring ​Standard Chartered's global wealth management capabilities, ⁠while supporting ‌GIFT City's ambition to become a leading ​international ​financial services centre," P D Singh, CEO, ⁠India and South Asia, Standard Chartered, said in ​the statement.Standard Chartered, the first foreign bank ​to commence operations in GIFT in 2020, joins HSBC in offering wealth products via the hub. The lender was earlier tapped by policymakers to manage U.S. dollar clearances for a foreign currency settlement system set ‌up in the country's tax-neutral zone.GIFT City is being promoted by the Modi government ​as a ​financial centre to ⁠rival Singapore and Dubai. In February, the government extended the tax holiday for firms operating there to 20 years and ​regulations have also been eased.Earlier in the year, the finance hub also issued its first license to establish a family investment fund, marking a significant step in managing private wealth within the financial hub.