In a bid to grab bigger play in the fintech space, Tamil Nadu chief minister MK Stalin on Saturday laid the foundation stone for its flagship Fintech City and Fintech Tower projects in Chennai.
“The rapidly growing IT, IT-enabled services, electronics, innovation, and electronics industries in Tamil Nadu have also witnessed excellent growth. I am confident that the financial technology sector, which integrates traditionally functioning banking and non-banking financial services with emerging modern technology, will also see tremendous growth in Tamil Nadu,” Stalin said in his address.
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The Fintech City being set up on 56 acres of land has an investment potential of Rs12,000 crore and proposed job creation for nearly 80,000 persons.
It will have the infrastructure to house international and national BFSI institutions. Besides, it will also have commercial, residential, and social elements with multimodal connectivity.
The Fintech Tower being set up at a cost of Rs254 crore has an investment potential of Rs1,000 crore and jobs for nearly 7,000 persons. It will have a built-up area of 5.6 lakh sq ft with an auditorium to accommodate 250 persons.
Tamil Nadu is a front-runner in the financial services space and is now all set to transform into a global FinTech hub.
The state is home to 250 of the world’s top 500 financial institutions and over 100 FinTech startups.
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World Bank, Bank of America, Citi, and Dun & Bradstreet are some of the global BFSIs that chose to set up in Tamil Nadu.
Chief minister MK Stalin had released FinTech Policy 2021 to transform the state into a leading global destination for fintech firms by 2025.