FinTech centre to be set up

A Centre of Excellence in FinTech will be set up in Chennai through funding provided by the Centre, the Tamil Nadu government and venture capital funds, Information Technology Minister M. Manikandan announced in the Assembly on Tuesday.

The centre is being set up to spur competitiveness, economic growth and innovation among financial institutions. “This will help in digitising money and monetising data,” Mr. Manikandan said.

The FinTech centre will help in providing capital to industries, especially small and medium traders, and to create more jobs.

“The Central government, the Tamil Nadu government, and venture capital funds are providing ₹5.75 crore, ₹5.75 crore, and ₹11.50 crore respectively, to set up the centre in Chennai,” he said.

The department also plans to set up IT parks in Ramanathapuram and Cuddalore districts and work is under way to identify the feasibility of setting up the parks, he said.

A Tech Forum Facility will also be set up to spur growth artificial intelligence, machine learning, electronic hardware manufacturing sectors and also to create jobs in these areas, he added.

A ‘CM Dash Board’ will also be set up at a cost of ₹1.22 crore to enable the CM and other ministers to monitor the schemes.