TN to announce fintech policy at investment conclave
Tamil Nadu will release a FinTech policy at the Tamil Nadu Investment Conclave 2021 to be held in Coimbatore on November 23, according to sources in the know.
This is the first major investment conclave outside Chennai as the State government wants to broadbase investments. The conclave will be presided over by Chief Minister MK Stalin where many MoUs will be signed, apart from foundation stone laying and inauguration of projects and roundtable sessions planned during the one-day event.
In February 2018, Maharashtra was first State to announce a Fintech policy to support the sector with a vision to make Mumbai a Global Fintech Hub. Karnataka government plans to set up a Centre of Excellence for Fintech.
FinTech is one of the emerging sectors that the State government is strongly promoting. The Tamil Nadu government has already kickstarted the implementation of FinTech city in Chennai with Tamil Nadu Industrial Development Corporation (Tidco) issuing a tender to select a Project Management Consultant for the ₹165 crore project.
The State government through FinTech City wants to create an ecosystem in FinTech to attract both domestic and overseas financial institutions and to transform Chennai as one of the major global financial services centres. It will be developed with the requisite supporting infrastructure to accommodate financial institutions such as banking, non-banking financial services, financial BPO; regulatory institutions, financial market operations and training centres.
The FinTech city will also supplement the efforts of FinBlue, a FinTech Centre of Excellence hosted at STPI, Chennai, which identifies, nurtures, funds and scales FinTech startups. The State government had contributed ₹5.75 crore for the centre.