Hyderabad’s push to become a global confidence centre for technology and financial services received a new boost with the inauguration of a 30,000-square-foot development centre for Netherlands-based fintech company Backbase in Hitec City. The facility is expected to create 300 skilled jobs and develop digital banking solutions and software products for banks and financial institutions worldwide.
Telangana IT and Industries Minister Duddilla Sridhar Babu said the State wanted Hyderabad to move beyond being a destination for Global Capability Centres, or GCCs, and become a location where global companies build solutions for international challenges. He said the government was developing an ecosystem to help companies respond to changing market requirements and technological advances.
The Backbase centre will focus on digital banking solutions and software products for financial institutions across global markets. The company’s expansion adds to Hyderabad’s presence in technology, digital banking and fintech, sectors that require specialised talent, digital connectivity and access to an established business ecosystem.
At the inauguration, Sridhar Babu said Telangana was also working to equip young people with skills linked to emerging technology opportunities. The areas identified by the Minister included software engineering, product development, cloud computing, artificial intelligence, data analytics, cybersecurity and digital banking.
The Minister said the State was strengthening its digital infrastructure to meet the requirements of global companies. He also said technology could be used to address societal challenges and that the government would support innovators developing solutions with wider applications. The statement links the expansion of the technology sector with both employment creation and the development of products intended for use beyond India.
Backbase’s development centre was inaugurated in the presence of Netherlands Deputy Consul General Ann Cremers, Backbase Chief Technology Officer Greg Fahy, Chief of Staff Reinhard Schiel and India Site Head Surabhi Sharma. The facility’s projected 300 jobs and international product mandate are the immediate outcomes announced at the event, while the State’s broader positioning as a global confidence centre remains part of the government’s technology and investment strategy.
