Hyderabad targets Global Confidence hub

metro india news  I hyderabad

Telangana aims to position Hyderabad as a “Global Confidence Centre” where global companies develop solutions to address global challenges, rather than merely as a destination for Global Capability Centres (GCCs), IT and Industries Minister Duddilla Sridhar Babu said on Friday. Inaugurating the development centre of Netherlands-based fintech company Backbase in Hitec City, the Minister said the State was building a robust ecosystem to attract global companies and enable them to respond to evolving market requirements and technological advancements.

The 30,000-square-foot facility is expected to generate 300 skilled jobs and support the development of digital banking solutions and software products for banks and financial institutions worldwide, he said. Sridhar Babu said Hyderabad had emerged as a major destination for technology, digital banking and fintech companies. 

Backbase’s expansion further strengthened the city’s position in the global technology ecosystem, he added. The State government was also focusing on equipping Telangana’s youth with skills aligned with emerging employment opportunities in software engineering, product development, cloud computing, artificial intelligence, data analytics, cybersecurity and digital banking, the Minister said.

He said that technology could also play a crucial role in addressing societal challenges, and the State would support innovators developing solutions with wider applications, he added. Netherlands Deputy Consul General Ann Cremers, Backbase CTO Greg Fahy, Chief of Staff Reinhard Schiel and India Site Head Surabhi Sharma attended the inauguration.