Sumitomo Mitsui Banking Corp. and Julius Baer Group are among global financial firms expanding operations in India through new global capability centers, according to people familiar with the matter. These centers will focus on technology development and back-office operations, leveraging India's skilled workforce and cost advantages. The move reflects growing confidence in India's digital infrastructure and talent pool.

India has become a strategic hub for financial services companies seeking to enhance their technology capabilities while managing costs. Global capability centers in India typically employ thousands of engineers, data scientists, and operations specialists who develop and maintain critical systems. The expansion comes as Indian IT services continue to evolve beyond traditional outsourcing into strategic technology partnerships.

Other financial institutions are likely watching these developments closely, as India's tech ecosystem matures and regulatory environment improves. The expansion of SMBC and Julius Baer into India's technology sector underscores the country's growing importance in global financial services operations. This trend may accelerate as more firms seek to build digital capabilities in response to evolving customer demands and competitive pressures.