Tech firm launches hub at DIFC to expand footprints in GCC

Gulf Today, Staff Reporter

Bajaj Finserv Direct, a subsidiary of Bajaj Finserv, one of India’s most diversified and leading financial services conglomerates with a market capitalisation of $31 billion, announced the launch of its Technology Services business hub in Dubai International Financial Centre (DIFC), as part of its foray into the Middle East market.

Bajaj Finserv Direct, part of the multi-billion-dollar Indian conglomerate, the Bajaj Group, is among India’s leading digital marketplace for financial services.  Its Technology Services division, Bajaj Technology Services in the UAE, will cater to the GCC and larger regional market, in the context of a growth in digital technology spends, which are projected to reach $20 billion by 2026 in the UAE, according to a recent study done by BCG.

On the occasion of launch, Sanjiv Bajaj, Chairman and Managing Director, Bajaj Finserv Ltd. said, “A digital revolution is unfolding worldwide with AI and emerging technologies reshaping industries, businesses, and more so, lives. Given our strong track-record of building tech-driven businesses, Bajaj Finserv is well poised to be at the forefront of digital transformation in financial services. The UAE, with its visionary leadership and new digital agenda, is the natural choice for our global debut. With the launch of Bajaj Technology Services in the UAE, we hope to enable businesses to thrive in the digital era.”

Speaking at the launch, Ashish Panchal, Chief Executive Officer, Bajaj Finserv Direct, said: “The launch of our Technology Services in GCC’s most vibrant digital and financial hub marks an exciting new chapter in the growth of Bajaj Finserv Direct. Strong capital inflows, safe-harbour status, rapid growth of entrepreneurial and start-up ventures and availability of quality talent, has been boosting UAE’s economic activity.  Backed by a 100-year legacy, a culture of innovation, customer centricity and proven expertise in digital transformation of businesses, Bajaj Technology Services looks to make a meaningful contribution to UAE’s ambitious Digital Economy Strategy that aims to double its digital economy’s contribution to GDP to 19.4% in 10 years.”