State Govt’s ‘fintech hub’ coming up in New Town

Kolkata, Sep 15: A 10-acre plot in New Town has been earmarked by the Housing Infrastructure Development Corporation (HIDCO) as a hub for financial technology (fintech) companies. HIDCO plans to start inviting applications from interested companies for a space in the hub by end-2017. The need to provide space for such fintech companies was felt after the financial technology industry turned out to be a game-changer in the financial and banking sectors. Fintech is an emerging industry that comprises companies which use digital technology to provide financial services. These companies are involved in digital payment, automatic digital banking, share market analytics, insurance predictions and asset management. According to HIDCO officials, the authorities are also working to set up an international financial services centre in the CBD of New Town, on the lines of the ones in Dubai and Singapore. It will be a dedicated zone for investors and foreign nationals, where they will be able to trade and exchange in foreign currency. UNI