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Tamil Nadu Chief Minister MK Stalin on Saturday laid the foundation stone for the Fintech City and Fintech Tower projects in Chennai. This is being constructed adjacent to the Chennai Trade Centre.
“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.
The Fintech City set up on 56 acres has an investment potential of ₹12,000 crore and proposed job creation for nearly 80,000 persons. It will house international and national BFSI institutions. It will also have commercial, residential and social sustains with multimodal connectivity.
The Fintech Tower set up at a cost of ₹254 crore has an investment potential of ₹1,000 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.
The FinTech city will supplement the efforts of FinBlue, a FinTech Centre of Excellence hosted at STPI, Chennai, which identifies, nurtures, funds and scales FinTech start-ups. The State government had contributed ₹5.75 crore for the centre.
Tamil Nadu has a rich legacy in the Financial Services industry with the establishment of the first bank in the State, The Madras Bank, dating back to 1682. Called the ‘SaaS capital of India’, Tamil Nadu is now all set to evolve into a Global FinTech hub.
The second largest Economy in India, Tamil Nadu has 250 of the world’s top 500 financial institutions and over 100 FinTech Startups, according to information available on Guidance Tamil Nadu website.
World Bank, Bank of America, Citi, Dun & Bradstreet are some of the global BFSIs that chose to set up in Tamil Nadu.
At the Investors Conclave in Coimbatore In November 2021, Tamil Nadu Chief Minister MK Stalin released FinTech Policy 2021 to transform the State into a leading global destination for fintech firms by 2025.
The policy seeks to support fintech start-ups in multiple ways, including reimbursing 75 per cent of operational expenses and 100 per cent of SGST for three years apart from repayment of costs incurred for training and marketing.
Fintech start-ups now have multiple funding avenues including Tamil Nadu StartUp Seed Grants, Tamil Nadu Emerging Sector Seed Fund, Digital Accelerator under Yaadhum Oorae and State Innovation Fund, the policy said.
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