The International Financial Services Centres Authority (IFSCA) on Wednesday said it has set up an expert committee in order to recommend the road map for the development of Longevity Finance Hub.

Global estimates suggest that there are one billion people in the silver generation, a global cohort of individuals aged 60 years and older, with a combined spending power of USD 15 trillion and the size is ever expanding, IFSCA said in a statement.

Development in medicinal science and technology will support extending 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, the statement said, adding that this demographic change will throw open new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products.

“IFSCA, in its endeavour to develop a Longevity Finance Hub in GIFT IFSC has constituted an expert committee to recommend approach towards development of Longevity Finance Hub and provide road map for the same,” it said.

The expert committee is being co-chaired by Kaku Nakhate, Bank of America, Country Head (India), and Gopalan Srinivasan, Ex-CMD,

The committee members comprise leaders from the entire longevity finance ecosystem, including from areas such as banking, insurance, wealth management, legal, compliance and management consultancy, the statement said.

IFSCA has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India. Currently, GIFT IFSC is the only international financial services centre in the country. Prior to the establishment of IFSCA, domestic financial regulators – RBI, Sebi, PFRDA and IRDAI – regulated business in IFSC.

The main objective of IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.