The Tamil Nadu Industrial Development Corporation Ltd (TIDCO) will develop a FinTech City in Chennai (Nandambakkam) with a built-up space of at least 1 million square feet in a phased manner.
“The FinTech City will be developed as the fulcrum of financial services and related activities largely driven by next-generation technologies in Tamil Nadu. The FinTech City shall largely be virtual, interconnected digitally with an iconic building in Chennai and other FinTech centres in Tier 2 and 3 cities”, stated the government in the FinTech policy released on Tuesday.
The FinTech policy, released by Chief Minister M K Stalin, aims at making Chennai a FinTech hub by setting up a dedicated FinTech cell to support the FinTech sector.
The FinTech cell will facilitate support in the form of location, advisory, incentives, applications, approval and clearances. The policy also aims to transform Tamil Nadu into a leading global destination for FinTech firms by 2025.