CHENNAI: Chief Minister MK Stalin on Saturday laid the foundation for a fintech city at an estimated cost of Rs 116 core and fintech tower, a shared office space at Nandambakkam in Chennai, at a cost of Rs 254 crore. The government said the 54-acre fintech city project will attract an investment of Rs 12,000 crore and has an employment potential of 80,000.
According to a release, the fintech city will have office buildings, common amenities like roads and sewage systems, residential quarters, shopping complexes, star-rated hotels, restaurants and parks among other things, and is aimed at attracting global financial services and fintech firms.
The tower is 5.6 lakh sq.ft. multi-storey building located inside the fintech city, with conference rooms, a childcare centre and a gymnasium. This is expected to bring investments of Rs 1,000 crore and jobs for 7,000 people. Speaking at the event, Stalin said the fintech city will become a hub for financial services and technology. Traditional banks and non-banking financial services have to integrate fintech solutions and the need for fintech will witness growth in the coming days.
“Availability of skilled manpower is the reason why global fintech companies come to Tamil Nadu. We should retain this dominance and take it to the next level and upskill our youth to new technologies,” Stalin said. The state’s fintech policy 2021 envisions making Tamil Nadu a global hub for fintech and offers special incentives for investments above Rs 50 crore.
Emphasising on digital payment, banking and e-commerce, Stalin said these services should reach even the poor and marginalised. Industries Minister TRB Rajaa said the penetration of financial services among masses and ease of doing business for fintech firms are essential in achieving a trillion-dollar economy. Entrepreneurs from fintech sector, senior officials, elected representatives were present at the event.
‘WILL MAKE TAMIL NADU A GLOBAL HUB FOR FINTECH’
The government said the 54-acre fintech city project will attract an investment of `12,000 crore and has employment potential of 80,000. The state’s fintech policy 2021 envisions making Tamil Nadu a global hub for fintech and offers special incentives for investments above `50 crore. Emphasising on digital payment, banking and e-commerce, Stalin said these services should reach even the poor and marginalised. The state’s fintech policy 2021 envisions making Tamil Nadu a global hub for fintech and offers special incentives for investments above `50 crore.