Google to Set Up Global Fintech Operation Centre at GIFT City

Google announced its plans to establish a fintech operation centre at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. The move comes after Sundar Pichai, Google's CEO, met with Prime Minister Narendra Modi in the US. The investment was made through the $10 billion India Digitisation Fund, and specialised fintech operations supporting Google Pay and other products will be based at the centre. This development cements India's fintech leadership and furthers Google’s collaboration with India on AI, cybersecurity, fintech, and mobile device manufacturing.

Google's plans for GIFT City

Google has announced its plans to establish specialised fintech operations supporting Google Pay and other product operations at GIFT City. GIFT City has been fast emerging as a global financial hub, housing at least 35 fintech entities, two international stock exchanges and the country's first bullion exchange. This move will further cement India's fintech leadership, thanks to UPI and Aadhaar, and boost GIFT City's position as a global fintech hub. Google will be joining several global players in the fintech sector who have already set up operations in the city.

Significance of Google's investment

Significance of Google's investment: Google's decision to establish its global fintech operations centre in GIFT City is a testament to India's growing prominence in the fintech landscape. The investment cements India's fintech leadership and boosts GIFT City's position as a global fintech hub. PM Modi has invited further collaboration in AI, cybersecurity, fintech, and mobile device manufacturing in India, making this a win-win proposition.

Conclusion

Introduction Google, the tech giant, is setting up its first fintech operation centre in India at Gujarat International Finance Tec City (GIFT City). The announcement was made by Google CEO Sundar Pichai on Friday (June 23) following his meeting with India's Prime Minister Narendra Modi in Washington. This step is a part of Google's $10 billion India Digitisation Fund investment. Google's Plans for GIFT City The new centre will house teams working on specialised fintech operations that are supporting Google Pay and other product operations.

Moreover, GIFT City, a financial hub in India, is home to at least 35 fintech entities, two international stock exchanges with an average daily trading volume of $30.6 bn. In addition, it has the country's first bullion exchange with 91 qualified jewellers onboarded. These factors were what made GIFT City an attractive choice for Google's global fintech operation centre. Significance of Google's Investment This decision by Google confirms India's fintech leadership and will boost GIFT City's position as a global fintech hub. The investment by Google comes from the $10 billion India Digitisation Fund, which has been deployed to invest in tech, telecom, and startups in India.

The meeting between Sundar Pichai and PM Modi also discussed further collaboration in AI, cybersecurity, fintech, and mobile device manufacturing in India. Conclusion Google's move to establish its first fintech operation centre in India at GIFT City is a testament to India's growing prominence in the fintech sector. As Google sets up the global fintech operation centre at GIFT City, it will further cement India's position as a financial hub. With the collaboration between Google and GIFT City, it will be exciting to see how this investment will positively impact the fintech sector and boost the overall economic growth of India.