Bajaj Finserv opens technology services hub in DIFC

Indian finance firm debuts in Middle East market


Issac John

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Officials at the launch event
Officials at the launch event

Published: Sun 2 Jun 2024, 6:35 PM

Last updated: Tue 4 Jun 2024, 4:24 PM

Bajaj Finserv Direct Ltd, a subsidiary of Bajaj Finserv Ltd, announced a foray into the Middle East market by launching its technology services hub at the Dubai International Financial Centre (DIFC) on Thursday.

Bajaj Technology Services’ DIFC operation will cater to the GCC and larger regional market, which is witnessing exponential growth in digital technology spending projected to reach $20 billion by 2026 in the UAE, according to a recent study done by BCG.

Bajaj Finserv Ltd, a part of the multi-billion-dollar Indian conglomerate, the Bajaj Group, is one of India’s most diversified and leading financial services conglomerates with a market capitalisation of $31 billion. The diversified group, which has 40 companies and around 36,000 employees, has a market cap of $105 billion.

“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,” said Sanjiv Bajaj, chairman and managing director of Bajaj Finserv.

Ashish Panchal, chief executive officer of Bajaj Finserv Direct, said the launch of technology services in the UAE 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.”

Ashish Panchal, chief executive officer of Bajaj Finserv Direct
Ashish Panchal, chief executive officer of Bajaj Finserv Direct

“Backed by a 100-year legacy, a culture of innovation, customer centricity, and proven expertise in the 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 per cent in 10 years,” Panchal told Khaleej Times.

Bajaj Technology Services, which was founded to meet the increasing demand for flexible and scalable modern technologies, has a strong track record of accelerating the digital transformation of businesses by leveraging expertise in custom applications, enterprise applications, data engineering & analytics, Gen AI, cloud services and digital agency, thus reducing time to realise value, he said.

Panchal said the foray into UAE’s dynamic tech-driven market is a significant milestone in the growth trajectory of Bajaj Technology Services, which will seek to develop solutions at scale for major sectors including financial services, retail & e-commerce, and government enterprises.

The technology services division’s strength lies in understanding the pulse of digitally-savvy customers, enabling it to design customer journeys for a seamless experience, across online and offline, DIY and assisted. It ensures back-office operations are aligned to data privacy, customer consent, infosec, and compliance requirements in third-party integrations and distribution partnerships. Panchal added that the Bajaj Technology Services team looks to build long-lasting partnerships and make a meaningful difference to UAE’s vibrant market.

“Bajaj Technology Services brings a unique blend of deep industry expertise, strong technology capabilities, and a customer-centric approach. Their ability to understand the pulse of the digital consumer, coupled with their experience in delivering large-scale solutions across various industries, positions the company uniquely to help businesses accelerate their digital transformation services,” senior executives said.

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