MX Technologies, Inc., a US-based leader in actionable financial intelligence, inaugurated its first India Technology Centre in Chennai. Launched with an initial team of 35 developers, the Chennai centre is to be expanded to 100 employees by the end of the year, says a release.

This rapid growth underscores MX’s commitment to building a robust presence in India by replicating key functions such as engineering, product development, and operations to enhance its comprehensive financial services.

Wes Hummel, Chief Product and Technology Officer, MX, said this investment not only allows the company to expand its capabilities and deliver client and partner support, but also adds a skilled talent pool to the team.

BFSI hub

V Vishnu, MD and CEO, Guidance Tamil Nadu, said the Tamil Nadu has consistently established itself as a BFSI hub, beginning with Banca Sella’s first GCC in Chennai. Companies like Standard Chartered and the World Bank have their largest offices outside their headquarters in Tamil Nadu.

“The availability of robust, high-quality talent is Tamil Nadu’s unique selling point. Compared to other tech hubs, Tamil Nadu offers much lower operational costs at scale. Additionally, we benefit from a niche talent pool with the lowest attrition rate in the country, making it ideal for fintech companies like MX,” he said.

With the presence of BFSI and fintech multinationals like Bank of America, Standard Chartered, Citi, PayPal, World Bank, FIS, and Fiserv, Chennai has reinforced its status as a hub for BFSI Global Capability Centres, highlighted by the recent addition of the Japanese megabank, Mizuho group, he said.

Related Topics