Both companies have occupied large office spaces within the International Financial Services Centre (IFSC) to establish its operations under the TechFin Frameworkthrough which they will focus on services aligned with financial technology serving its global customers.
The Prime Minister discussed 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 of India’s International Financial Services Centres Authority (IFSC)International Information and Communication Societies Association (IFSCA)) to foster innovation in financial services.
Both Infosys and Wipro I have been renting offices in Pragya II commercial tower for 15 years from a real estate developer. Savvy Group.
The companies will soon begin the fit-out work and are expected to commence operations from these offices in the coming months. The initial commitment by Infosys and Wipro is for 105,000 sq ft and 26,400 sq ft, respectively.
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“With software technology giants like Infosys and Wipro leading the way, we expect at least 30,000-40,000 jobs to be created in GIFT City soon in the fintech category,” Savvy Group Chairman and Managing Director Jaxay Shah told ET.Information systems and Wipro did not respond to emails seeking comment as of the time of printing this article.
Bank of America has a global banking capability centre in the same complex that houses the tallest commercial tower in the GIFT IFSC special economic zone. Other major financial institutions such as Société Générale, ANZ and PWC, as well as the Unified Regulator of India for IFSC, also operate 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 quickly emerged as a financial hub and has attracted major players in the global fintech sector. It is already home to over 500 entities, including aircraft and ship leasing companies, as well as fintech companies, banks, fund managers, stock exchanges and India’s first gold bullion exchange.
Global technology companies such as Google, IBM and Oracle We also have offices there.
The IFSC aims to facilitate businesses’ access to global financial markets and complement and promote further development of the country’s financial markets. GIFT City has also been touted as the model for all other smart cities announced by the government.
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