Taipei, July 2 -- Taipei Fubon Commercial Bank, the banking arm of Fubon Financial Holding Co., has received approval from Taiwan's Financial Supervisory Commission (FSC) to set up a branch in Gujarat International Finance Tec-City (GIFT City), India's emerging financial and technology hub, Focus Taiwan reported.

The bank has dropped its earlier plan to open a branch in Mumbai, believing GIFT City offers a more strategic location to serve Taiwanese businesses and other enterprises operating in India.

GIFT City, located in Gujarat, offers single-window clearances and approvals and provides plug-and-play infrastructure for businesses.

Quoted by the news platform, Hou Li-yang, Vice Director General of the FSC's Banking Bureau, said India'...