Chennai: The new Fintech policy-2021 unveiled by Chief Minister M K Stalin aims to transform Tamilnadu into a leading global destination for FinTech firms by 2025.
Addressing at the ‘Tamilnadu-Investors’ First Port of Call’ Investment Conclave held at CODISSIA Trade Fair Complex in the Textile city of Coimbatore, Stalin said the vision of the policy was to increase financial inclusion and fintech adoption rate in the State by promoting digital solutions for the traditional financial sector.
Besides developing a comprehensive and concerted program with government agencies to provide an one-stop shop solution to existing and new FinTech firms in the State, he said the policy would facilitate seamless and transparent Business-to-Business (B2B), Business-to- Consumer (B2C), Government-to-Government (G2G), Government-to- Business (G2B), and Government-to-Citizen (G2C) financial transactions efficiently.
Apart from developing industry-academia linkages to create a FinTech knowledge ecosystem comprising universities, research institutions, design and innovation labs, and FinTech firms, the policy aims to develop, attract, and nurture talent in the fields of finance and digital technologies.
The objective of the policy is to develop the necessary infrastructure required for attracting and promoting the next generation of FinTech firms, develop partnerships with other leading FinTech centres across the world, Stalin said.
The mission of the policy was to make the leading State in the country in terms of growth of new FinTech firms incorporated during the policy period and develop a FinTech city in the State with one million sqft of
working space for FinTech firms with a world class FinTech Innovation Hub/FinTech Lab, the Chief Minister said.
Setting up of Skill Centres for FinTech in the State in partnership with premier institutes and private firms, which would also serve as Centres of Excellence (CoEs) to support entrepreneurs/ SMEs/ startups in the
state was also envisaged in the policy.
The policy said the State government has set up a dedicated FinTech Cell in Guidance to support the FinTech sector in the State. The Cell would undertake promotion, facilitation, and advisory activities such
as encouraging FinTech firms especially startups, to participate and represent the State in national and international banking, finance and FinTech programmes such as seminars, conferences, exhibitions and events.
Apart from organising regular interactions with other FinTech hubs such as Singapore and London, the government in association with TANSIM and FinBlue, collaborate with various national investment promotion agencies and associations such as NASSCOM, to host marketing events and promote Tamilnadu.
Conducting hackathons, business challenges, and annual award events to identify the leading FinTech firms in the State and support in the development of the FinTech ecosystem, support the FinTech Governing Council in interactions with the Union Government regulators, other Government non-Government agencies necessary to ensure policy level support was also planned as per the objectives of the policy.
The policy also aims at providing facilitation support in the form of location advisory, incentives applications, approval and clearances.