Both companies have taken large office spaces within the International Financial Services Centre (IFSC) to set up their operations under the TechFin framework, through which they will focus on services aligned with financial technology catering to their global clients.
The Prime Minister reviewed this development, along with other key issues, during his visit to GIFT City on Monday.
The GIFT City TechFin framework is part of the broader efforts by India’s International Financial Services Centres Authority (IFSCA) to foster innovation in financial services.
Both Infosys and Wipro have leased offices in commercial tower Pragya II for 15 years from realty developer Savvy Group.
The companies will be starting their fit out work soon and are expected to commence their operations from these offices in the next few months. The initial commitment from Infosys and Wipro is for 105,000 sq ft and 26,400 sq ft, respectively.
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“With software technology giants such as Infosys and Wipro taking the lead, we expect at least 30,000 to 40,000 jobs to be created in GIFT City in the category of financial technology soon,” Savvy Group chairman and managing director Jaxay Shah told ET.Infosys and Wipro did not respond to emails seeking comment till the time of going to press.
Bank of America has a banking global capability centre in the same complex that houses the tallest commercial tower in the GIFT IFSC special economic zone. Other financial majors including Societe Generale, ANZ and PWC, in addition to India’s Unified Regulator for IFSC, are also operating from the same commercial complex.
Located between Ahmedabad and Gandhinagar, GIFT City is the first operational International Financial Services Centre in India. To facilitate single-window clearance, the government has also established the IFSCA to regulate all financial services in IFSCs in Gandhinagar.
GIFT City has been fast emerging as a financial hub and has attracted large entities in the fintech sector globally. It is already home to more than 500 entities including aircraft and ship leasing as well as fintech companies, banks, fund houses, stock exchanges and India’s first bullion exchange.
Global technology companies such as Google, IBM and Oracle also have offices there.
The IFSC is intended to provide companies with easier access to global financial markets, and to complement and promote further development of financial markets in the country. GIFT City has also been touted as the model for all the other smart cities announced by the government.
