Fintech Tower in Chennai to Receive ₹1000cr Investment, announces Industries minister

New Delhi, 19th June 2023: The proposed financial technology tower of Chennai’s fintech city is likely to attract investments worth Rs 1,000 crore in its first phase, according to Tamil Nadu Industries Minister T R B Rajaa.

On Saturday, Chief Minister M K Stalin laid the groundwork for a fintech city and a fintech tower for Rs 370 crore, which is estimated to generate 90,000 jobs in the state.

The Financial Technology Tower, which will be built in the city’s Nandambakkam, is estimated to create 7,000 new jobs in the state in the first phase, according to Rajaa.

Rajaa said in a social media post, “As the first phase of development of TN FinTech City, the Fintech tower in Nandambakkam, Chennai, will attract over Rs 1,000 crore investments and generate 7,000 employment opportunities for Tamil Nadu and make the state an unparalleled hub in financial technology (sector).”

He further said, “It will shine as the central node for fintech companies in TN. Today, we have not just laid the foundation stone for a fintech city and tower, but once again ensured inclusive growth by democratising access to financial services.”

According to the state government-backed nodal body Guidance Bureau, the launch of the fintech tower, lays the ground for a cutting-edge facility that will accelerate the industry’s growth in the financial technology segment to new heights.