Infosys and Wipro to Launch Fintech Hubs at GIFT City

In a strategic move for India’s financial technology landscape, tech giants Infosys and Wipro are planning to establish fintech hubs in Gujarat’s GIFT City. This landmark initiative comes as GIFT City continues to evolve into a central hub for financial services, housing prominent global corporations such as Google and Bank of America.

Infosys has leased over 100,000 sq ft of space, while Wipro has secured approximately 26,000 sq ft from the renowned Savvy Group, further cementing their commitment to this burgeoning ecosystem.

The establishment of these fintech hubs will yield significant advantages for both companies:

1. Access to Global Markets: The International Financial Services Centre (IFSC) framework empowers them to cater to international clientele, thereby expanding their global footprint.
2. Regulatory Advantages: A tax-friendly environment coupled with streamlined regulations will not only lower operational costs but also enhance profitability.
3. Innovation Opportunities: The collaborative ecosystem within GIFT City is set to spur innovation, enabling the development of cutting-edge fintech solutions.
4. Talent Acquisition: With its robust infrastructure and educational institutions, GIFT City will attract a skilled workforce, bolstering both companies’ human resources.
5. Strategic Partnerships: Proximity to other global firms and financial institutions will facilitate networking and collaboration, driving growth and competitiveness.

Job Creation

The fintech hubs of Infosys and Wipro are expected to create a significant number of jobs. Estimates suggest that thousands of positions will be created, ranging from entry-level to highly skilled roles. By next year, the initiatives could create between 5,000 and 10,000 jobs, with potential for even greater expansion as the projects progress.

About GIFT City

GIFT City (Gujarat International Finance Tec-City) represents a bold vision for a smart city, strategically located between Gandhinagar and Ahmedabad along the Sabarmati River. This Greenfield project is the brainchild of Prime Minister Narendra Modi, aimed at positioning India as a global financial hub.

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Facilities in GIFT City

• Office Spaces: State-of-the-art office complexes designed to foster collaboration and innovation.
• Hotels: Premium hospitality options catering to business travellers and tourists alike, enhancing the city’s global appeal.
• Residential Buildings: Quality housing for professionals and their families, nurturing a vibrant community.
• Schools: Educational institutions dedicated to providing quality education, ensuring a skilled future workforce.
• Hospitals: Advanced healthcare facilities ensuring community well-being.
• Infrastructure: Efficient underground electricity and sewage systems to ensure reliable services and maintain the city’s aesthetic.

Connectivity

GIFT City enjoys excellent connectivity, with robust road links to Gandhinagar and Ahmedabad. The nearest airport is just 12 km away, providing convenient air connectivity. Metro routes connecting GIFT City to Mumbai and Ahmedabad are under development, further enhancing the city’s attractiveness for both businesses and residents.

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What is IFSC?

The International Financial Services Centre (IFSC) within GIFT City offers financial services at a global scale. It aims to attract global financial institutions by providing significant tax benefits and a streamlined regulatory framework. The International Financial Services Centres Authority (IFSCA) oversees these centres, fostering a conducive environment for business.

Services of IFSC

The IFSC provides a range of specialised services, including:

• Bullion Exchange: Promoting trading in gold and silver, bolstering India’s stature in the global commodities market.
• International Banking Services: Catering to the banking needs of foreign investors and enterprises.
• Insurance and Reinsurance: Delivering comprehensive insurance solutions tailored for international clientele.
• Wealth Management Services: Offering bespoke financial solutions for high-net-worth individuals.
• Foreign Currency Exchange: Facilitating seamless multi-currency transactions for global business operations.

Role of IFSC and GIFT in the Economy

The IFSC and GIFT City are pivotal to both the Indian and global economy. By drawing foreign investment and facilitating international trade, they help position India as a key player in the global financial services sector. This initiative aligns with the Indian government’s objective of enhancing the nation’s share in the global financial market.

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Conclusion

The launch of fintech hubs by Infosys and Wipro in GIFT City underscores the Indian government’s commitment to transforming the nation into a global financial leader. With substantial investments and a visionary framework, GIFT City is poised to uplift not only Gujarat but also the entire country. The successful realisation of this ambitious vision will rely on collaboration among government, industry, and the community, positioning India as a preferred destination for global business and talent.