Innovation Push: Infosys & Wipro Setting Up Fintech Hubs In GIFT City

With the Gujarat International Finance Tec-City decking up to embrace the flourishing fintech industries, tech giants Infosys and Wipro will reportedly be among the first Indian software companies to roll out their fintech hubs in the GIFT City.

As per ET’s report, both the companies have taken large office spaces in the GIFT City’s International Financial Services Centre (IFSC) for setting up their operations under the TechFin framework, focused on financial technology services to cater to their global clients.

Prime Minister Narendra Modi reviewed this development, along with other key issues, during his visit to GIFT City, the report said.

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, added the report.

In June, K Rajaraman, chairman of International Financial Services Centres Authority (IFSCA) revealed that the regulator will notify revised norms for direct listing of companies at Gujarat International Finance Tec (GIFT) City in the following months.

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

Infosys and Wipro will be starting their fit out work soon and are expected to commence their operations from these offices in the following months, the report said.

Infosys made an initial commitment for 105,000 sq ft, while Wipro for 26,400 sq ft.

“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 was quoted as saying in the report.

Few months ago, the Gujarat government signed a memorandum of understanding (MoU) with big tech major IBM to set up an artificial intelligence (AI) cluster at the Gujarat International Finance Tec (GIFT) City.

Meanwhile, the International Financial Services Centres Authority (IFSCA), the regulatory body for GIFT City is also actively looking at reverse flipping Indian startups back to India – especially to GIFT City. 

GIFT City, established between Ahmedabad and Gandhinagar, has offered its space to global tech giants such as Google, IBM and Oracle to set up their offices. It is currently targeting to attract various business sectors such as automobile, fintech, capital market, biotech, and more to set up their workspaces there.