Tamil Nadu sets its sights on fintech and aerospace
The Hindu
The government is establishing a fintech city and trying to bring in more investments into aerospace hub and Defence Corridor
The Tamil Nadu government has initiated the process of establishing a Fintech city in Chennai and bringing in more investments into the aerospace hub and the Defence Corridor.
A consultant would be soon selected for design-cum-project management for establishing Fintech City at Nandambakkam, according to an official of the Tamil Nadu Industrial Development Corporation (TIDCO) Limited, the nodal agency.
With a dedicated fintech policy to accelerate investments, the government, driven by its investor-friendly policies, is confident of nurturing, fostering and developing of the fintech eco-system, the official told The Hindu.
For Fintech City, the TIDCO has earmarked 112 acres. It will be a state-of-the-art centre as the government wants to develop Chennai as a hub of financial services and related activities, largely driven by next-generation technologies.
A Fintech Tower with a minimum built-up area of five lakh square feet in a single phase, as part of Fintech City, would be constructed to accommodate fintech companies. A Startup Hub with a minimum built-up area of 1 lakh square feet would also be set up to house startups.
The Fintech City would comprise entities that over time would connect with the proposed regional fintech hubs in the State. “The objective is to increase the share of Chennai in the fintech industry in the coming years from its current level of 5%,” the official said.
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