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Tamil Nadu sets up FinTech Governing Council in a bid to make the state a FinTech hub

The state government has tapped eleven members for the council that will meet once in six months.

In a bid to make Tamil Nadu a financial technology hub, the Tamil Nadu government last week announced that it has set up a FinTech Governing Council.

“While Mumbai is the financial capital and Bengaluru the technology capital, Chennai is uniquely positioned to be the Fintech capital of India. In the past two decades, more than 250 large financial institutions across 50 plus countries have been supported by their captives and third-party technology companies based out of Chennai, driving innovative products and solutions,” Ramkumar Ramamoorthy, a member of the council, told Times of India.

The Tamil Nadu government has also come up with a fintech policy that is expected to be revealed today at the Tamil Nadu Investment Conclave 2021 and a FinTech city is being planned at Nandambakkam in Chennai at an estimated cost of ₹165 crores.

Tamil Nadu is not alone in trying to attract fintech companies to its state, the Karnataka government on November 18 announced that it is setting up a fintech task force led by Harshil Mathur, the founder and CEO of Razorpay, to create a roadmap for the growth of the industry.

Members of the FinTech Governing Council

According to a tweet shared by Guidance Tamil Nadu, the government’s nodal agency for investment promotion, the following members constitute the council:

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  1. Thangam Thennarasu, Minister of Industries (Chairperson)
  2. Irai Anbu, Chief Secretary (Vice-Chairperson)
  3. Pooja Kulkarni, Managing Director and Chief Executive Officer of Guidance Tamil Nadu (Member-convener)
  4. Balaji Nuthalapadi, Managing Director and Head of Operations & Technology, Citi South Asia (Member)
  5. Sundar Kannan, director of a leading Wall Street investment banking corporation (Member)
  6. Ramkumar Ramamoorthy, former Chairman and Managing Director of Cognizant India and past president of the Madras Chamber of Commerce and Industry (Member)
  7. S Krishnan, Secretary of Department of Industries (Member)
  8. N Muruganandam, Secretary of Department of Finance (Member)
  9. Neeraj Mittal, Secretary of Department of Information Technology (Member)
  10. Arun Roy, Secretary of Department of Micro, Small and Medium Enterprises (Member)
  11. Dr Sanjay Tyagi, Director, Software Technology Parks of India, Chennai Centre (Member)

What will the council do?

The council is tasked with monitoring the progress and implementation of initiatives in fintech and related sectors. The council will form subcommittees to address the various themes of fintech policy including:

  • marketing and branding
  • business development and outreach
  • partnerships
  • education
  • venture capital
  • regulation.

The council will enlist the support of experts and specialist institutions and will include additional representatives from the government, the industry, and academia as required for various activities in each of these areas. The council is expected to meet once in six months.

“FinTech is one of the emerging sectors with great potential and we should make use of it, as the growth of this sector will lead to a lot of employment generation. FinTech will be a real booster to our state’s GDP as we target to become a $1 trillion economy by 2030” – Thangam Thennarasu, Minister of Industries told Times of India

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