Tamil Nadu chief minister M K Stalin has laid the foundation for a Fintech City and Fintech Tower in Chennai, targeting an investment of about Rs 12,000 crore in the sector.

“We have allotted 56 acres at Nandambakkam in the city. This will attract Rs 12,000 crore investments in the Fintech sector and create job opportunities for 80,000 persons,” Stalin said on Saturday. In November 2021, the government brought out the Tamil Nadu FinTech Policy with sops such as reimbursing 75 per cent of operational expenses and 100 per cent of SGST for three years, apart from repayment of costs incurred for training and marketing. Besides, incentives for fintechs in Tier-3 cities will be twice those in a Tier-1 city while the limits for those setting up in a Tier-2 city will be raised to 1.5 times that of Tier-1.