Tim ZylaIndian information technology solutions provider Mphasis has opened a new Centre of Excellence for Financial Services in Buenos Aires, creating its first operational base in Latin America. The centre will offer artificial intelligence, cloud computing and data-driven offerings for banking, insurance and payment services across the region.
Already, the company has recruited 50 technical experts and plans to swell the workforce to about 200 by the end of the year. The Buenos Aires center will be a regional headquarters for Mphasis.ai, the company’s applied AI division, and also serve clients in North America.
“We are thrilled to establish our presence in Argentina as a strategic, long-term investment to serve both local clients as well as our global Fortune 100 clients,” said Nitin Rakesh, chief executive officer and managing director at Mphasis.
“This expansion leverages the region’s strong expertise in Banking and Financial Services, technology capabilities, and the supportive ecosystem to accelerate our growth. We look forward to nurturing local talent and delivering impactful business outcomes for our clients across Latin America,” he said.
The company, which already has 13 of North America’s top 15 retail banks and seven of the region’s top 10 insurers as clients, sees its Buenos Aires office as a platform for building its digital services presence across the Americas.
“Argentina has a long-standing and sophisticated financial services sector that plays a vital role in the region’s economy,” said Eric Winston, executive vice president, general counsel and chief compliance, risk and ethics officer. “By bringing together this deep-rooted industry knowledge with Mphasis’ technological expertise, we see a powerful opportunity to drive innovation and deliver differentiated value to our clients globally. It is a privilege to be here today to officially launch our office and reinforce our commitment to the region.”
Finding a home in Argentina
There were several reasons why Argentina was a suitable place for the new CoE. Argentina has a large pool of highly skilled English-speaking technology professionals, in addition to a harmonious time alignment with the United States, thus facilitating better cross-border collaboration. The Argentine Chamber of the Software Industry estimates that the technology sector currently employs over 150,000 employees and generates more than $2.5 billion in software exports annually.
Buenos Aires stands out as a regional tech powerhouse. It employs between 115,000 and 158,000 tech professionals, and by some measures is home to more than 1,200 startups and over 3,000 tech ventures. The city accounts for over half of Argentina’s startup ecosystem and saw tech exports exceed $7 billion in 2022. It has become a magnet for operations like Mercado Libre and Globant — companies born in Buenos Aires that are now globally recognized. The nation’s tech market exceeded $22 billion in 2023 and is projected to more than double by 2028, making Argentina a top five tech hub in Latin America.
Public policy initiatives like the Knowledge Economy Law in 2019, which provides tax incentives to tech firms investing in high-skilled employment, also swayed in favor of Argentina. Mphasis is among the growing number of foreign firms wagering on the country as a regional tech hub.
The company said the new center will help speed what it refers to as its “savings-led transformation” strategy, an initiative to help financial institutions reimagine legacy systems, reduce costs, and improve customer experience through digital-first solutions.
The hiring process is already underway and vacancies span a wide range of specialties including application development, front-end and mobile engineering, cybersecurity, AI/ML, cloud infrastructure, data science, UI/UX design and mainframe modernization. Future rounds of hiring will be focused on expanding teams with higher-level expertise in AI, cloud and automation.
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