Standard Chartered, Bank of India Lead $215M Aircraft Financing for Air India Subsidiary at GIFT City

• Standard Chartered and Bank of India structure a 7-year facility for six Boeing 777s via Air India’s leasing arm AIFS, marking a milestone for GIFT City’s financial ecosystem.

Standard Chartered and Bank of India today announced the financing of USD 215 million term loan to AI Fleet Services IFCS Limited (AIFS), a leasing subsidiary of Air India, based in the Gujarat International Finance Tec-City (GIFT City). AIFS has entered into a 7-year amortising term loan facility for financing of six Boeing 777-300 ER aircraft, it will lease the aircraft to Air India.

Air India is undergoing a fleet renewal and expansion program to support its transformation into a world-class global airline. Air India currently serves 55 domestic and 45 international destinations.

Standard Chartered played a lead role as a Structuring Bank. Both Bank of India and Standard Chartered also jointly underwrote the transaction as Mandated Lead Arranger and Bookrunner (“MLAB”). This landmark transaction is the first commercial aircraft finance transaction to be structured with a GIFT City borrower, positioning GIFT City as an emerging aviation finance centre. The transaction reflects the shared commitment of Standard Chartered and Bank of India to support India’s aviation growth story and highlights GIFT City’s role as a growing global aviation finance hub.

GIFT City is India’s first operational greenfield smart city and international financial services centre, promoted by Government of Gujarat in partnership with Government of India as a flagship project to position India on the global financial map. With this transaction, it marks a milestone for India’s rapidly expanding role in global aviation financing, strengthening its position as an emerging hub for aircraft leasing and financing.

Sanjay Sharma, Chairman, AIFS & Chief Financial Officer, Air India said, “Air India has embarked on a five-year transformation journey, placing an order for 570 aircraft, and GIFT City will be important for financing of these aircraft. With this commercial aircraft finance transaction via Standard Chartered and Bank of India we are glad to see GIFT City maturing further and emerging as an aircraft leasing and financing option for airlines as Indian aviation takes strides.”

Abhishek Pandey, Global Head of Transportation Finance at Standard Chartered, said, “This milestone demonstrates our ability to structure innovative, jurisdiction-aligned solutions while mobilising new pools of capital. This financing highlights our long-standing expertise in aviation finance and our commitment to supporting India’s aviation sector as it continues its remarkable growth trajectory.”

PD Singh, CEO, India and South Asia at Standard Chartered, said, “The first ever commercial aviation financing at GIFT City is an historic milestone and further reinforces GIFT city as an aviation finance hub of global repute. Standard Chartered is privileged to have led the transaction, in partnership with Bank of India. We believe the term loan facility to AI fleet services (AIFS), a subsidiary of Air India will provide a fillip to growing the aviation finance segment in India. It also underscores the Bank’s client centric approach and the endeavour to be an equal partner in the clients’ growth journey.

Standard Chartered was the first foreign bank to establish a branch in GIFT City and this transaction reaffirms our commitment to advancing GIFT city as a premier international financial hub. It is a matter of pride for Standard Chartered to have recently partnered with CCIL and IFSCA in bringing its global experience and expertise in managing the dollar payments as well as providing settlement services at GIFT IFSC,” Singh added.

Ashutosh Sharma, CGM – International Financial Services Centres Authority, GIFT City (IFSCA) said, "GIFT IFSC is developing strongly as a globally competitive ecosystem for financial services, including aircraft leasing and financing. The successful closure of this aircraft financing deal, originated within GIFT IFSC and executed among Bank of India (IBU GIFT City branch), Standard Chartered Bank, and AI Fleet Services IFSC Limited for wide-body commercial aircraft, marks a significant milestone. This transaction not only paves the way for future commercial aircraft financing through the GIFT City framework but also underscores GIFT IFSC’s emerging role as a growing hub for aviation financing and a destination offering competitive foreign currency loan structures."

Bank of India said, “At Bank of India, we are proud to be part of this landmark aviation financing transaction through GIFT City, Gujarat. This initiative underscores GIFT City’s growing significance as a global hub for aircraft financing. Aviation finance is a key enabler for India’s economic growth, connecting people, businesses, and markets worldwide. By leveraging the opportunities at GIFT City, Bank of India reaffirms its commitment to strengthening India’s presence in international financial services and contributing to the nation’s vision of becoming a leader in global aviation finance.”

Standard Chartered’s SC Ventures and Fujitsu Launch ‘Project Quanta’ to Accelerate Quantum Innovation in Finance

SC Ventures by Standard Chartered Bank, which builds and invests in breakthrough ventures in and beyond banking, together with Fujitsu, a leading developer of quantum software and hardware, are set to join forces on September 25 to incubate Project Quanta. The project will integrate multiple software and hardware technologies to provide clients a platform to rapidly explore, develop and integrate quantum computing and quantum- inspired applications.

The joint venture will leverage Fujitsu’s expertise in quantum computing R&D and software-and-algorithm development as well as insights gained through the development of its superconducting quantum computer. It will bring this expertise together with SC Ventures’ venture building prowess and deep insights into financial institutions to accelerate the development of quantum use cases, intellectual property, resources and value.

In this platform, in addition to the development environment, it provides pre- built algorithms in areas such as fraud detection, risk simulations, derivative pricing, and credit decision, enabling users to develop their own algorithms. We also provide access to data and backend hardware, allowing users to test their algorithms.

This project will utilize Fujitsu’s quantum computing technology. Fujitsu has been developing quantum computing capabilities through both software and hardware advancements utilizing multiple joint research initiatives. Based on the collaboration with RIKEN, Fujitsu is currently developing a 1,000-qubit superconducting quantum computer, scheduled to begin operation in fiscal 2026.

Looking ahead, the company is also planning the development of a plus-10,000 qubit (250 logical qubit) superconducting quantum computer by fiscal 2030.

Apurv Suri, Client Engagement & Partnerships Lead, SC Ventures, comments: “The current quantum development industry is fragmented with some companies excelling at hardware integration while others are better at quantum algorithm building tools. By joining forces with Fujitsu, we want to unlock quantum resources and talent on one platform for corporates looking to scale their quantum capabilities.”

Staf ford Bond, Head of Growth Investments, Fujitsu Services Limited, comments: "At Fujitsu, we are committed to solving the world’s most complex challenges through innovation and collaboration. Partnering with SC Ventures on Project Quanta represents a bold step toward democratising access to quantum capabilities and realising true quantum advantage. By combining our expertise in quantum technologies and integration with SC Ventures’ deep industry insight and venture building pedigree, we aim to accelerate the practical application of quantum technologies and unlock transformative value for businesses.”

About Fujitsu

Fujitsu’s purpose is to make the world more sustainable by building trust in society through innovation. As the digital transformation partner of choice for customers around the globe, our 113,000 employees work to resolve some of the greatest challenges facing humanity. Our range of services and solutions draw on five key technologies: AI, Computing, Networks, Data & Security, and Converging Technologies, which we bring together to deliver sustainability transformation. Fujitsu Limited (TSE:6702) reported consolidated revenues of 3.6 trillion yen (US$23 billion) for the fiscal year ended March 31, 2025 and remains the top digital services company in Japan by market share.

Standard Chartered appoints Zuzar Tinwalla as Chief Technology and Operations Officer (CTOO)

Zuzar Tinwalla

Standard Chartered Bank today announced the appointment of Zuzar Tinwalla as the Chief Technology and Operations Officer (CTOO) for India and South Asia. He takes over from Sarabjit Anand, who has decided to pursue other opportunities outside the Bank. 

Zuzar, who was earlier the Chief Operating Officer, has been with the Bank for 26 years, leading various teams across Operations and Technology with key focus on execution and finding innovative ways to leverage digital solutions to enable growth and scale. His in-depth knowledge and expertise across operations will be a key driver for executing the Bank’s strategy.

Zuzar will a member of the TTO Asia Management Team (MT) and continue to be a part of India Country MT. The appointment will be subject to regulatory approval or filing, where necessary.

Standard Chartered Bank has been operating in India with a continuous presence of over 160 years making it one of the oldest foreign banks in the country. The Bank has a network of 100 branches across 42 cities. Key business segments include Corporate, Commercial and Institutional Banking and Consumer, Private and Business Banking. For more information, visit https://www.sc.com/in/

Globally, Standard Chartered is a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise. 

Standard Chartered Launches Sustainable Trade Loan for Financial Institutions

The offering will focus on sustainable end-use within the renewable energy sector

Standard Chartered today launched a sustainable trade loan offering for financial institutions. The new offering supports the Bank’s financial institution clients globally by providing liquidity to support the underlying trade flows associated with sustainable development, in areas where it is most needed.

With a current focus on the sustainable end-use¹ pillar within the renewable energy sector, the bank will reference its Green and Sustainable Product Framework – co-authored by ESG data, research and ratings firm, Morningstar Sustainalytics – on eligible activities the facility can be used to finance. Some examples include installation of wind turbines, purchase of solar panels, and sale of renewable energy battery storage systems.

The lack of funding for sustainability initiatives continues to be a challenge for companies – the bank’s recent research report notes that approximately 70% of large corporates and mid-sized companies found obtaining funding or finance for ESG and sustainability-related expenses and investments to be a major issue. Standard Chartered’s sustainable trade loan thus provides financial institutions with the much-needed liquidity to support trade flows associated with clean technology projects, accelerating the progress of [their] clients in meeting net zero commitments as part of their overall sustainability agenda.

“We know that many financial institutions and their clients want to play a greater role in driving sustainable outcomes by directing capital to where it matters most in their markets,” said Samuel Matthew, Global Head of Flow and Financial Institutions Trade at Standard Chartered. “The launch of our sustainable trade loan for financial institutions clients aims to support them by providing liquidity for flows that meet their sustainability aspirations. It further demonstrates our commitment to be a force for good by delivering targeted solutions and capabilities that can help to close the financing gap needed to achieve these goals.”

The offering builds on the bank’s sustainable trade finance proposition that was announced in March 2021, which was designed to help companies implement more sustainable practices across their ecosystems and build more resilient supply chains.

Watch the video to find out more:

https://www.sc.com/en/banking/banking-for- companies/transaction-banking/sustainable-trade-financing

¹Sustainable end-use refers to trade flows that support investment and spends that have a positive environmental and social outcome.

Standard Chartered Invests in Partior, A JP Morgan and Temasek-backed Blockchain Payment Network

Standard Chartered has invested in Partior, the blockchain-based payment network founded last year by Singapore government-owned investment fund Temasek, J.P. Morgan and DBS Bank. 

With this investment, Standard Chartered becomes a founding Shareholder of Partior. Standard Chartered will serve as the first Euro settlement bank for the Partior platform.

Partior is an open industry platform, ​developed to make digital clearing and settlement more efficient, reliable, and secure by harnessing the benefits of blockchain and smart contracts technology.

As an Open Platform, Partior addresses current points of friction that enables banks around the world to provide real-time cross-border multi-currency payments, trade finance, foreign exchange and DVP securities settlements on a world-class platform, with programmability, immutability, traceability built into its suite of services.

With investment from Standard Chartered, Partior on track to achieve its plan to broaden its currency offerings beyond the first slate of eight global currencies – USD, SGD, GBP, EUR, AUD, JPY, CNH and HKD, by 2023.

Based out of Singapore, Partior started as Project Ubin, in 2016, a collaborative project with the industry to explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities. In 2020, Project Ubin develops a prototype that validates CBDC cross-border payments are cheaper and faster.

Eventually in last year, Partior goes live with SGD and USD, and this year it goes for commercial expansion with 8 currencies selected for onboarding (mentioned above) . Team Partior also won this year’s G20 TechSprint, an international contest to search for innovative solutions for operational problems in green and sustainable finance. Partior was selected among winners for "improving interoperability" category for their solution Project Naucratis: Enabling Connectivity & Interoperability for mCBDC, which is a blockchain-based multi-CBDC network that supports both account-based and token based CBDC models.

Partior, an independent company, is the blockchain platform for payments clearing and settlement that grew from the Project Ubin collaboration, and founded by J.P. Morgan, DBS and Temasek, with the backing of MAS, to achieve end-to-end atomic settlements in multiple currencies, and replace the sequential approach to payments settlement.

The platform aims to make digital clearing and settlement more efficient, reliable and secure for financial institutions worldwide by leveraging the key benefits of programmability, immutability and traceability, inherent features of blockchain and distributed ledgers, and aims to address multi-currency and cross-border payments pain points.

Standard Chartered Bank First Entity to Fund Ventilator Prototype by IIT Kanpur

The fund will go towards developing and testing the prototype for quick availability to hospitals treating patients of COVID-19

Standard Chartered Bank has come forward as the first entity to support an indigenized, affordable, portable and invasive ventilator prototype being developed by IIT Kanpur and its incubated company Nocca Robotics along with the Indian Angel Network. Standard Chartered Bank has approved a generous CSR funding that will be used for research and development of the prototype, followed by testing of the device and clinical trials.

"We are extremely grateful to Standard Chartered Bank for enabling our efforts towards fighting this global pandemic through their generous funding. Given the urgency of proper and ample healthcare facilities at this time for patients of COVID-19, this fund will help us in the timely roll-out of the device swiftly and in time," said Professor Abhay Karandikar, Director, IIT Kanpur. He hopes and wishes this gesture by Standard Chartered Bank will motivate other corporates to come forward to assist IIT Kanpur in its research efforts to mitigate the impact of this global pandemic.

Karuna Bhatia, Head of Sustainability, Standard Chartered Bank, said, "As a socially responsible Bank which has been in the country for over 160 years, we decided to contribute in this common fight against COVID-19 and ensure a safe and healthy environment for our citizens and communities."

The ventilator design has been conceptualized by Nocca Robotics in such a way that it can be manufactured on a large scale at multiple sites using materials easily available with Indian suppliers and manufacturers. The ventilator is also capable of working with medical airline and oxygen as well as ambient air and oxygen, thus making it usable in a variety of different conditions.

The ventilator will also be connected to a mobile phone to control the device and monitor critical information. Since it will require very low wattage to run, it can be powered using solar panels.

It is also noteworthy that the ventilator will be priced at a fraction of the cost proposed by competitors across the world developing similar devices. Also, as opposed to the non-invasive ventilators being currently developed, this design will be of the invasive kind, keeping in mind the needs of COVID-19 patients for respiratory support.

Nocca Robotics and IIT Kanpur have created a consortium of bio-medical engineers, doctors, R&D leaders, supply chain and MedTech businesses to harness their expertise and take the design from the idea to the actual product. The entire project is being coordinated by Prof. Amitabha Bandyopadhyay, Department of Biological Sciences and Bioengineering and Professor-in-Charge, Startup Innovation & Incubation Center Indian Institute of Technology, Kanpur

About IIT Kanpur

IIT Kanpur, an institute of national importance , was set up in 1959 and is currently celebrating its Diamond Jubilee. The Institute's 40,000+ alumni are experts and visionaries in various fields and many of them occupy leading positions all over the globe.

The Institute has a strong focus on research and innovation as is set out in its vision statement "To create, disseminate and translate knowledge in science, engineering and allied disciplines that will best serve the society". The Institute's Startup Innovation & Incubation Center supports startups and encourages the spirit of innovation amongst the students of IIT Kanpur by providing guidance, access to infrastructure facilities and funding.

With over 20 departments and inter-disciplinary programs, IIT Kanpur has a long history of supporting promising research and encourages its faculty and students, to undertake meaningful research and contribute to society.

The faculty members at IIT Kanpur have been recipients of several national and international awards including Padma Shri, Fulkerson Prize, Goedel Prize, Member of US National Academy, Infosys Prize, Humboldt Research Award, Shanti Swarup Bhatnagar Award, TWAS Prize, National J.C. Bose Fellowship, Fellowships of National Academy of Sciences (NASc),Indian National Science Academy (INSA), Indian Academy of Science (IASc), Indian National Academy of Engineering (INAE),.

For more information, visit https://www.iitk.ac.in

About Standard Chartered, India

Standard Chartered Bank is one of India's largest international bank with 100 branches in 43 cities, and they have been operating In India since 1858. Key business segments include Corporate & Institutional Banking, Commercial & Private Banking as well as Retail Banking. For more information, visit https://www.sc.com/in/