Fintechs startups and expertise firms have been thought-about the nemesis of conventional banks and monetary providers corporations. However more and more, the massive monetary providers gamers are partnering with or shopping for out fintechs to spice up their innovation capabilities.
“We are thinking through the process of whether we should do a fund and invest in fintechs at the moment,” Michael Dargan, head of group expertise at UBS, advised ET in an interview.
“We recently hosted a series of “future of finance” challenge across New York, Zurich and Singapore. We met hundreds of fintechs in each city. The four who won the competition were selected for consideration. We are thinking about doing the same in India.”
Dargan added that the Swiss financial institution was taking note of the micro-payments house in India.
“The way micro-payments are evolving in the market is very interesting to us. It is also where the government has put a lot of focus,” Dargan mentioned.
UBS has been boosting its investments in India over the previous couple of years. From initially focusing the nation as a market, it’s more and more tapping India as a supply location for its expertise spend.
UBS spends about $3.5 billion a yr in expertise and has moved from outsourcing most of its work to IT corporations, to doing the work itself. Out of a 20,000 sturdy expertise workforce, about 5000 are in India. About 3000 of these staff are everlasting staff.
Dargan mentioned the financial institution considers India a location from which it may possibly drive innovation, as an alternative of simply taking a look at it as a back-office location. The corporate additionally focuses on hiring freshers and skilling expertise internally.
“Homegrown talent is very important to me. Other players have brought in their senior leaders from outside and teams are built based on their interactions. But I believe in homegrown talent – that understands people, their growth, and we’ve seen fantastic results in India. This is our way of building the leadership pool and growing great teams in India,” Dargan mentioned.