Both companies have occupied large office spaces within International Financial Services Centre (IFSC) to set up their operations under the TechFin Frameworkthrough which they will focus on services aligned with financial technology meet the needs of their international customers.
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 of the International Financial Services Centres Authority of India (The IFSC) to foster innovation in financial services.
Infosys and Wipro have leased office space in the Pragya II commercial tower for 15 years from the real estate developer Savvy Group.
The companies will soon begin their fit-out work and are expected to commence operations in the offices in the coming months. Infosys and Wipro have initial commitments of 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.Infosys and Wipro did not respond to emails seeking comment till press time.
Bank of America has a global banking capabilities centre in the same complex that houses the tallest commercial tower in the GIFT IFSC Special Economic Zone. Other major financial institutions including Societe Generale, ANZ and PWC, in addition to India’s unified regulator 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 set up IFSCA to regulate all financial services in Gandhinagar IFSCs.
GIFT City has quickly become a financial hub and has attracted major fintech entities globally. It is already home to over 500 entities including aircraft and ship leasing companies, 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 aims to facilitate access of businesses to global financial markets and to complement and promote the 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.