Government of Tamil Nadu has constituted a FinTech Governing Council in a bid to become a global fintech hub.

Key Points

• FinTech Governing Council was set up under the chairmanship of Industries Minister Thangam Thennarasu.
• Chief Secretary V Irai Anbu will act as the Vice Chairman of Governing Council.
• Managing Director and CEO of Guidance Tamil Nadu, Pooja Kulkarni will be the convenor of Governing Councils.

Background

Announcement to set up this Council was made in the backdrop of launch of the fintech policy at Investment Conclave. Investment conclave is scheduled to be held in Coimbatore on November 23, 2021. It will be presided over by Chief Minister MK Stalin.

Members of the Council

Council will comprise of senior bureaucrats and other as members:

1. IT Secretary Neeraj Mittal
2. Industry Secretary S Krishnan
3. MSME Secretary Arun Roy and
4. Finance Secretary N Muruganandam,
5. CEO of FinBlue & Director of STPI-Chennai, Sanjay Tyagi.

Fintech city

Fintech is an emerging sector, which is being promoted by Tamil Nadu government strongly. Government has already started the implementation of a fintech city in Chennai by Tidco. Total cost of the fintech city is Rs 165 crore. This city will also supplement efforts of FinBlue, which is a fintech Centre of Excellence hosted at STPI, Chennai. FinBlue identifies funds, nurture and scales fintech start-ups.