Stalin lays foundation stone for two Fintech initiatives

PTI, Jun 17, 2023, 2:34 PM IST

Tamil Nadu Chief Minister M K Stalin on Saturday laid foundation stone for setting up a Fintech City and a Fintech tower here, both of which are expected to create about 90,000 job opportunities jointly.

Underlining his government’s focus in this sector, Stalin recalled the government releasing the Tamil Nadu Fintech Policy 2021 that offers a number of sops to investors to make the state a global hub in the sector.

At the event, the CM said the Fintech City will include modern infrastructure to suit multinational and domestic firms.

”We have allotted 56 acres at Nandambakkam in the city. This (initiative) will attract Rs 12,000 crore investments in the Fintech sector and job opportunities for 80,000 persons will be created,” he said.

Further, the proposed FinTech Tower will be a 5.6 lakh sq ft. facility which will attract Rs 1,000 crore investment and create 7,000 jobs, the CM said.

”To put it shortly, this Fintech City will act as the centre of next generation financial services and related activities,” he said.

Stalin said digital payments and related services have grown manifold since the outbreak of covid-19 and ”I consider it the government’s duty” to ensure growth by using such facilities. A government release said the Fintech City will come up at an estimated Rs 116 crore while the Fintech Tower will be established at a cost of Rs 254 crore.