Infosys and Wipro set up Fintech centres in GIFT City

Tech giants Infosys and Wipro will reportedly be among the first Indian software companies to set up their fintech centres at GIFT City

Both companies have leased large office space at IFSC in GIFT City to launch TechFin, focusing on financial technology services to meet the needs of their global clients

Prime Minister Narendra Modi discussed these developments and other key issues during his visit to GIFT City

As Gujarat International Finance Tec-City prepares to open up to the burgeoning fintech sector, tech giants Infosys and Wipro will reportedly be among the first Indian software companies to set up their fintech centres in GIFT City.

As per an ET report, both the companies have leased large office spaces at the International Financial Services Centre (IFSC) in GIFT City to start operations under TechFin, focusing on financial technology services aimed at global clients.

Prime Minister Narendra Modi discussed these developments, along with other key issues, during his visit to GIFT City, the report said.

The report added that the GIFT City TechFin framework is part of the broader efforts undertaken by the International Financial Services Authority of India (IFSCA) to foster innovation in financial services.

In June, K Rajaraman, chairman of the International Financial Services Centres Authority (IFSCA), revealed that the regulator would notify revised standards for direct listing of companies on Gujarat International Finance Tec (GIFT) City Stock Exchange in the coming months.

In July last year, Finance Minister Nirmala Sitharaman announced that the government would allow direct listing of Indian companies on GIFT-IFSC exchanges.

Infosys and Wipro will soon start the fit-out work and expect to start operations in their offices in the coming months, the report said.

Infosys had initially committed to lease 105,000 square feet of space, while Wipro had committed to lease 26,400 square feet.

“With software technology giants like Infosys and Wipro taking the lead, we expect at least 30,000 to 40,000 jobs in the financial technology category to be created in GIFT City soon,” Savvy Group chairman and managing director Jaxay Shah said in the report.

A few months ago, the Gujarat government signed a memorandum of understanding (MoU) with technology giant IBM to organize something Artificial Intelligence (AI) cluster at Gujarat International Finance Tec (GIFT) City.

Meanwhile, the International Financial Services Centres Authority (IFSCA), the regulatory body of GIFT City, is also actively looking into reverse reverse Indian startups are returning to India – especially to GIFT City.

GIFT City, set up between Ahmedabad and Gandhinagar, has offered its space to global tech giants like Google, IBM and Oracle to set up their offices there. It is now looking to attract various business sectors like automotive, fintech, capital markets, biotech and others to set up their workspaces there.