New Delhi, 26 April 2022

Sopra Banking Software (SBS), a global leader in banking and specialised financing software company announced its plan today to strengthen its footprint in India. Sopra Banking Software is a subsidiary of the SopraSteria Group, a European leader in consulting, digital services and software development.

As part of the ‘Breakfast Connect’ in association with Business France and NASSCOM, Mr Eric Bierry, CEO of Sopra Banking Software shared that the group has ambitious plans for the Indian market and it aims to increase the overall headcount base to 10,000 employees over the next 2 years for both Sopra Banking Software and SopraSteria India.

“Our teams have done a tremendous job growing and scaling our business across different locations throughout the world. With that foundation, we are ready to make our next move as a global solution provider and India is a strategic and exciting step forward. We are excited for what’s in store as we strengthen our presence on the ground” said Mr Bierry.

Remarking on the company’s expansion plans in India during the event, Mr Sunil Goyal Deputy CEO of SopraSteria India said “We have a huge state-of-the-art campus facility coming up in Noida which will be operational from August/September 2022. Investing in talent is key to elevating SBS further as a world-class technology and service provider. Our people are at the core of our business, and we’re committed to creating an environment in which they can thrive. The Great Place To Work™ certification is a testament to the efforts we have put in to build a high trust, high performance and highly engaged workforce.”

India has emerged as a popular destination for French FinTech companies because of the digital push which has led to high digital adoption among consumers as well as SMEs. Moreover, the recent and continuing government efforts to formalise and digitise the economy have led to a plethora of opportunities for FinTech players. Bilateral trade has been

“Bilateral trade between the 2 countries has been growing steadily and reached $8.3 billion for April 2021 to December 2021. India has a large and growing SME sector as well as one of the most conducive geopolitical and investment environments that make it an attractive market for FinTech companies around the world. While most industries and sectors saw major setbacks during the Covid-19 pandemic, the FinTech industry has benefited from a second push towards digitisation with all operations and transactions happening virtually. Despite the COVID-19 crisis, we have maintained strong growth and our move into India is another step in our global strategy to accelerate business opportunities in the country” added Mr Goyal.

Emmanuel Lenain, Ambassador of France to India shared that French companies are committed to investing and innovating in India and they appreciate the huge opportunities offered by the country, its incomparable talent pool and its promising market.
“We are on the road map to digital, and we want to partner with India on AI, cyber, super computing and quantum computing to master these technologies”.

NASSCOM representative, Ms Debjani Ghosh highlighted that the growth of Fintech in India is driven by various macroeconomic factors, such as enabling government and regulatory initiatives, India’s demographic dividend, increasing national disposable incomes, large unbanked population, improving internet access and smartphone penetration, and a rapidly evolving e-commerce.
“The present government’s policies encourage informal businesses to move towards formalisation through a simplified process of business registration, an initiative that drives inclusion to foster sector growth. Similarly, reforms supportive of digital on-boarding of customers to banking and financial products also drives higher inclusion” she added.

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