CHENNAI: International credit reporting agency TransUnion launched its global in-house centre in Chennai on Wednesday, the first off-shore technology hub, to drive growth outside its home market.
The company, which already has its roots in India through a joint-venture partnership with CIBIL, said it plans to hire 500 employees for the centre in Chennai in the financial year 2018-2019.
“The Indo-U.S. trade relationship is going starong. Cumulative two-way U.S. dollar Foreign Direct Investment has surpassed $45 billion. American companies benefit from India’s demographic dividend, quality human resources and access to dwthe huge South Asian market.” said James M. Fluker, Principal Commercial Officer for South India, U.S. Consulate General, Chennai.
The in-house centre in Chennai would allow the company to own the end-to-end development process of critical technology and thereby reduce its dependence on external sources, while also trimming the go-to-market time from the credit bureau, the company said in a statement.
TransUnion’s GIC will focus on developing risk solutions, maintaining systems that protect consumer data, allowing the company to move nimbly in a fast-changing global financial environment, the company added.
Over the past decade, India has emerged as a top destination for innovative technology and R&D centers among global corporations.
“Expanding our technology presence in India is a strategic move. The GIC builds on the commitment of the TransUnion CIBIL business to further enable stronger communities and thriving economies around the globe,” said Mohit Kapoor, chief information and technology officer, TransUnion.
“There are over 1,000 GICs in India today, employing one million people. Their strategic importance is growing as they continue to add value to global enterprises. GICs have matured to become trusted enterprise transformational agents,” he said.