HCL Technologies plans techfin hub in GIFT City.

HCL Technologies Ltd is the latest major technology firm to establish a significant presence in GIFT City, Gujarat, proposing a new TechFin hub that will employ 1,500 people. This move underscores GIFT City's growing prominence as a magnet for tech and finance operations, with such hubs rapidly becoming its largest employers.

HCLTech's application, filed with the International Financial Services Centres Authority (IFSCA), outlines its intention to operate as a TechFin entity under the prevailing framework. This will be the company's first such center in Gujarat, with operational funds sourced directly from its head office.

A company spokesperson confirmed the strategic decision, stating, "We plan to set up a unit in GIFT City as it offers world-class infrastructure and access to quality talent. We aim to serve our global financial services clients from the location."

HCLTech joins an elite roster of at least 18 techfin and fintech entities, including industry giants like Infosys, Wipro, and Cognizant, who have either already launched or proposed to build their centers within GIFT City. This strong influx highlights the unique appeal of the IFSC's regulatory environment and infrastructure.

K Rajaraman, Chairperson of IFSCA, emphasized the intertwined nature of technology and financial services in today's global markets. "GIFT IFSC is now seeing good traction in Global Capability Centres being set up by India’s top IT firms, as well as by global financial institutions targeting global financial markets," Rajaraman told businessline. He added that IFSCA's recent notification of the Techfin and Ancillary Services Regulation will further support the expansion of this ecosystem for the export of financial technology services from India.