Tamil Nadu: Council formed to promote the FinTech cluster | Chennai News

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CHENNAI: In an important move to make Tamil Nadu a FinTech hub and destination for FinTech companies to offer a wide range of services, the state government on Friday formed a FinTech board of directors made up of members of government and industry.
While the council was formed, based on the recommendation of the Tamil Nadu State Development Policy Council, Chief Minister MP Stalin is expected to unveil a new FinTech policy for Tamil Nadu soon.
The board will be headed by the Minister of Industries, Thangam Thennarasu as chairman. The Chief Secretary is Vice President and will include government secretaries for industries, finance, IT and MSMEs and representatives from STPI and Guidance Tamil Nadu. There are three industry members – Balaji Nuthalapadi, MD & Head of Operations & Technology, Citi South Asia, Sundar Kannan, director of a leading investment banking firm on Wall Street and Ramkumar Ramamoorthy, former CMD, Cognizant India and Former President, MCCI.
The mandate of the FinTech Board of Directors will be to monitor the progress and implementation of initiatives in the areas of FinTech and related sectors. The board will form sub-committees to address various themes of the upcoming FinTech policy, such as marketing and branding, business development and awareness, partnerships, education, venture capital and regulation.
“FinTech is one of the emerging sectors with great potential and we must use it, because the growth of this sector will lead to many job creation. FinTech will be a real accelerator of our state’s GDP as we aim to become $ 1 trillion in savings by 2030, ”Thangam Thennarasu told TOI.
He said state-owned Tidco has started preliminary work for establishing a FinTech City at Nandhambakkam in the city, as already announced in the state budget. It will be a benchmark for FinTech, as Tidel Park has served for the IT industry.
“While Mumbai is the financial capital and Bengaluru the technology capital, Chennai is ideally positioned to be the Fintech capital of India. Over the past two decades, more than 250 major financial institutions in more than 50 countries have been supported by their captives and third Chennai-based technology companies, which offer innovative products and solutions, ”said Ramkumar Ramamoorthy, member of the council and vice-chancellor of the University of Krea.
“It’s no surprise that the world’s largest financial institutions and new age fintech companies have made Chennai the backbone of their technology needs, including Citigroup, Temenos, Paypal, Barclays, BankBazaar, Standard Chartered, CreditMantri , Bank of America, Dvara, FSS, BNY Mellon, Vivriti Capital and OpenTap among others, “he said.


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