MX Technologies Launches First Development Centre in India, Located in Chennai.

MX Technologies, Inc., a US-based leader in actionable financial intelligence, has inaugurated its first India Technology Centre in Chennai. The centre opened with an initial team of 35 developers and plans to expand to 100 employees by the end of the year, according to a company release.

This rapid growth underscores MX’s commitment to establishing a strong presence in India by replicating key functions such as engineering, product development, and operations to enhance its comprehensive financial services.

Wes Hummel, Chief Product and Technology Officer at MX, stated, "This investment not only allows the company to expand its capabilities and deliver client and partner support but also adds a skilled talent pool to the team."

V Vishnu, Managing Director and CEO of Guidance Tamil Nadu, noted that Tamil Nadu has consistently established itself as a BFSI (Banking, Financial Services, and Insurance) hub, starting with Banca Sella’s first Global Capability Centre (GCC) in Chennai. He mentioned that companies like Standard Chartered and the World Bank have their largest offices outside their headquarters in Tamil Nadu.

“The availability of robust, high-quality talent is Tamil Nadu’s unique selling point. Compared to other tech hubs, Tamil Nadu offers much lower operational costs at scale. Additionally, we benefit from a niche talent pool with the lowest attrition rate in the country, making it ideal for fintech companies like MX,” Vishnu said.

With the presence of BFSI and fintech multinationals like Bank of America, Standard Chartered, Citi, PayPal, World Bank, FIS, and Fiserv, Chennai has reinforced its status as a hub for BFSI Global Capability Centres, highlighted by the recent addition of the Japanese megabank, Mizuho group.

HBL