Fintech city chennai: Tamil Nadu is set to become the Fintech Capital of India. Work will start soon in Nandambakkam Tamilnadu.
Chief Minister M.K. Stalin has successfully managed to attract more angel investors and set the state on a transformational path to becoming a leading global destination for fintech firms, with Chennai as its hub, by 2025.
Fintech city chennai updates
Fintech is the latest trend in the world of finance and technology, and its usage has increased exponentially since the pandemic. PhonePe and GPay are now an integral part of our lives. And fintech firms are playing a major role in the world economy. Tamil Nadu has always been a frontrunner regarding IT and technology.
Fintech City Chennai: The ‘FinTech Policy 2021’ was released with a vision to transform the state into a leading global destination for fintech firms. To attract more companies, the state government has offered concessions for up to three years. And initial investments of up to ₹50 crore for existing companies and ₹5 crore for start-ups. Furthermore, the government has provided ₹20 crores in financial aid to upcoming companies through TIDCO.
Fintech City
Apart from Chennai, the plan also expands to tier-2 cities such as Madurai, Trichy, and Coimbatore. A fintech city is being developed in Chennai in two phases, at Nandambakkam and Kavanur. At an estimated cost of ₹165 crores.
To observe the fintech sector and its functioning, the Chief Minister has appointed a separate governing team. A whopping ₹993 crore budget has been allocated for developing a nine-story business complex in Adyar, which will include a mall and 10 multiplex theaters.
Apart from this, Tambaram, T. Nagar, Saidapet, Mandaveli, and Thiruvanmiyur Bus depots are also getting upgraded. Tamil Nadu is all set to become the Fintech Capital of India. The state government has taken several initiatives to transform the state into a global destination for fintech firms, with Chennai as its hub, by 2025.
The ‘FinTech Policy 2021’ was released with a vision to attract more companies, and the government has offered various incentives and concessions for up to three years. Apart from Chennai, the plan also expands to tier-2 cities such as Madurai, Trichy, and Coimbatore.
Budget for fintech city Chennai:
A fintech city is being developed in two phases at Nandambakkam and Kavanur, at an estimated cost of ₹165 crores. In addition to this, a whopping ₹993 crores have been allocated for developing a nine-story business complex in Adyar, which will include a mall and 10 multiplex theaters. Tambaram, T. Nagar, Saidapet, Mandaveli, and Thiruvanmiyur bus depots are also being upgraded.
The Chief Minister has appointed a special governing team to observe the fintech sector and its functioning. With its innovative policies and initiatives, Tamil Nadu is well on its way to becoming the Fintech Capital of India.