US clearing house Depository Trust & Clearing Corporation ( DTCC ) has opened an office in Hyderabad, India, the company’s second in the country, after its Chennai office, which opened in 2008.

Hyderabad is recognized as an innovation hub, with several Fortune 100 financial services and technology companies operating out of the city.

The new office, which can accommodate 500 employees, gives DTCC  “two strategic locations in India to further bolster the firm’s robust operational and business continuity capabilities to serve clients in the region and beyond”.

The location also enables the clearing house to expand its technology employee base to further advance innovation within DTCC for the global financial services industry. The company’s Chennai location currently has about 1,000 employees, 41 of whom transferred to the Hyderabad location.

The clearing house aims to hire nearly 500 employees for the Hyderabad location, with the target of at least 35% female employees by 2027.

“Today marks the beginning of a new chapter in our technology modernization and business continuity efforts within the region,” says Lynn Bishop, the company’s chief information officer.

Renee LaRoche-Morris, its chief financial officer, adds: “The opening enables us to advance our capabilities to best serve our clients. Hyderabad is a growing technology and innovation hub, and we view our latest office location as a key part of our innovation and business resilience strategy.”