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    Ministry of Electronics & IT to set up a Centre of Excellence for FinTech at Chennai

    Synopsis

    The CoE according to a Tamil Nadu government order will be set up at an outlay of Rs 23 crores.

    fintech-agenciesAgencies
    Its objective is to provide fintech startups with access to facility, technology, mentorship and support such that they kick start their business.
    CHENNAI: The Ministry of Electronics & Information Technology (MeitY) will soon be setting up a Centre of Excellence (CoE) for FinTech at Software Technology Parks of India STPI-Chennai, in association with the Electronics Corporation of Tamil Nadu (ELCOT), Govt. of Tamil Nadu.

    The CoE, according to a Tamil Nadu government order will be set up at an outlay of Rs 23 crores. Its objective is to provide fintech startups with access to facility, technology, mentorship and support such that they kick start their business. Some of the startups will also get access to financial resources, technical support by industry partners, payment gateways & resources, networking activities and marketing opportunities, according to the government order.

    Arun Jain, Chairman and Managing Director of Intellect Design Arena Limited and Founder Polaris, will be designated as Chief Mentor of the FinTech CoE.

    Sanjay Tyagi, Director, STPI said, “Ministry of Electronics & Information Technology (MeitY) in association with ELCOT and Govt. of Tamil Nadu has come together to further Financial Technology to a global level. With the objective of making Tamil Nadu a leader in Financial Technology, attract Research and Development and downstream investment in the State, thereby creating employment opportunities, the CoE for FinTech is being set up. Appropriate instructions vide MeitY and Government of Tamil Nadu has been issued through a GO. The CoE will also identify start-ups who have the potential to create disruptive products and provide business/organizational support along with mentoring and technical expertise.”
    The CoE for Fintech will be implemented under the Incubation Program ‘TechNEST’. It will function in a two-tier mechanism (Leadership Council and Project Management Group). The Leadership Council, consisting of members from industry, academia, MeitY, ELCOT, STPI, Govt. of Tamil Nadu and other stakeholders of TechNEST, will overview the implementation.

    Santhosh Babu, IAS, Secretary, Govt. of Tamil Nadu, said, “FinTech CoE will provide funding to the companies and generate revenue by equity participation, so that this project will become self-sustainable after five years.”
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