CHENNAI: The Tamil Nadu government on Tuesday announced that a Centre of Excellence (CoE) of FinTech would come up in Chennai and Rs 23 crore has been earmarked for the project.
Minister for Information Technology (IT) M Manikandan made the announcement in the Assembly after replying to the debate on the demand for grants for his department.
He said the centre is being established to create competition, innovation and productivity, besides improving the economy. Apart from digitising money, the technology will also create monetizing data, he said.
The Centre would contribute `5.75 crore and an equal share would be borne by the State while `11.50 crore would be invested from venture capital fund, the minister said.
He said that FinTech would pump investments in small and medium industries and assist them in economic growth.
IT parks
The minister said that a feasibility study would be conducted to establish IT parks in Ramanathapuram and Cuddalore districts.
With an outlay of Rs 122 crore, the department would establish a CM Dash Board and the government proposes to set up Artificial Intelligence and Internet of Things-Tech Forum, he said.
Manikandan added that Over The Top (OTT) service would be provided to subscribers of Tamil Nadu Arasu Cable TV Corporation to facilitate viewing their desired TV channels and government’s multi-departmental events using cloud computing, mobile, tablet and laptop from anywhere. In the initial period, the service will have a bouquet of 50 to 100 channels.
Who gives how much?
The Centre and State will contribute Rs 5.75 crore each, while Rs 11.50 crore will be invested from venture capital fund