Hyderabad building trading, brokerage tech for world, says Telangana IT Minister
The ambition is to emerge as a global capital markets and wealthtech hub, Sridhar Babu says, after inaugurating U.S. financial services major Charles Schwab’s 3.45 lakh sq ft GCC in Hyderabad
Telangana's IT Minister, D.Sridhar Babu, announced that U.S. financial services giant Charles Schwab has set up a technology hub in Hyderabad and aims to employ 2,000 people there by 2027. The sprawling 3.45 lakh sq ft facility will bolster the company's U.S. operations through advanced technology development, engineering expertise, and operational capabilities.
Over time, Schwab plans to transition some of its current outsourced work to employees based in the city. The hiring pace will be gradual, starting from an existing workforce of around 200, growing to about 500 in the first year, and reaching 2,000 by next year. Babu highlighted Hyderabad's growing prowess in developing technology for trading and brokerage on a global scale, encompassing wealth and asset management, market infrastructure, AI, and risk technology.
The minister expressed his vision to turn Hyderabad into a global capital markets and wealthtech hub, attracting global financial institutions, technology firms, fintechs, academia, and subject matter experts. Currently, Hyderabad houses nine of the world's top 10 brokerage and trading institutions, managing approximately $40 trillion in assets.
This strategic move by Schwab underscores the city's robust ecosystem and the Telangana government's commitment to nurturing global financial hubs.
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