The city of Pearls was and is popular as the IT and ITEs city. But now, it is emerging as a force to reckon with in the banking, financial services, and insurance segment. Incidentally, it has 1.8 lakh professionals working in the segment.
American Goldman Sachs is the newest banking, financial, and insurance (BFSI) firm is the latest firm to set up its operations in Hyderabad. It has just opened its Global Capabilities Centre (GCC) in banking which aims to recruit 2500 people by 2023. The firm is one of the many entities that are making the city their second home.
Gunjan Samtani, Head, Goldman Sachs Services for India, shares that the policies of the Telangana government to promote research and support the start-up ecosystem, access to trained professionals have led to the company to spread its roots to Hyderabad.
Fortune 500 BFSI companies such as HSBC, Bank of America, Wells Fargo, JPMC, Franklin Templeton, Invesco, Broadridge, Development Bank of Singapore, MaaMutual, Synchrony Financial are among the firms that have already set up their office in Hyderabad, giving a boost to the BSFI sector.BFSI in Hyderabad is spread across retail, commercial, wealth investment, custodial services, global markets, securities, fintech, insurance, e-commerce, and digital payments, among others. Global delivery companies such as Infosys, Tech Mahindra, TCS, Wipro have around 30 percent workforce working for BFSI clients.
The Insurance Regulatory Development Authority of India (IRDA) and the Institute for Development and Research and Banking (IDRBT) are amongst the two premier central government institutes that are based in the city. Hyderabad is also home to the National Payments Corporation of India, which has the largest data center.
It goes without saying, Hyderabad is witnessing a lot of fintech start-ups and new digital payment innovations.