The International Financial Services Centers Authority, IFSCA, was established as a unified regulatory body to develop and regulate financial products, financial services and financial institutions in international financial services centers in India.
The Department of Finance said global estimates suggest there are one billion people aged 60 and over with a combined spending power of $15 trillion and growing in size.
The ministry said the development of medicinal science and technology will support extending the lifespan and longevity of this generation. It is estimated that by 2040 there will be more members of this generation than people under the age of 20.
This demographic shift will open up new challenges and opportunities, particularly in the areas of wealth management, healthcare, insurance and other investment products.
The Expert Panel is co-chaired by Kaku Nakhate, President and Country Head (India), Bank of America and Mr. Gopalan Srinivasan, ex-CMD, New India Assurance Company Limited.
Committee members include leaders from across the longevity finance ecosystem, including areas such as banking, insurance, wealth management, FinTech, legal advisory, compliance and management.