PayPal Technology Innovation Labs launches announcement has made on August 2 (Wednesday). The new technology innovation labs will open in Chennai and Bengaluru. As per the company’s statement, these labs are the first in India for PayPal and these are third after the United States and Singapore.

The director of Innovation in PayPal, Mike Todasco said that “India is a hot bed for innovation, given the evolving startup ecosystem, diverse merchant profiles and enormous talent pool. To cater to their needs in the most effective manner, we are delighted to announce the launch of our newest innovation lab in India.”

PayPal Technology Innovation Labs opens in Chennai and Bengaluru. These labs are the first in India for PayPal and third after the United States and Singapore.

These two new labs in India would support diverse fields including machine learning, artificial intelligence, data science, penetration testing, and others. According to the company statement, with a focus on productivity, innovation and education, the facilities would serve as spaces to build and refine new and advanced technologies and would create a forum for employees to engage.

PayPal GM Technology & Head of Engineering, Guru Bhat said that “With over one lakh 45 thousand registered patents between 2013-16 to its credit, India’s innovation potential is enormous and will certainly break benchmarks with the right kind of encouragement.

He added, “Enabling innovation and creating amazing experiences for our customers is at the heart of PayPal’s global success and the Innovation Lab is another step to foster this spirit in our development centres in India.”

Also, the new PayPal Technology Innovation Labs would also be integrated with the ongoing initiatives like PayPal Incubator which was launched in 2013. The statement added that the objective of developing next generation financial technology start-ups.