FinTech hub now boasts of 25 units
Kolkata: The FinTech hub in New Town that was founded by Chief Minister Mamata Banerjee in 2013, now has 25 units with land being allotted to a leading bank and a noted legal firm recently.
"The South Indian Bank was allotted a 0.248 acre land while the noted legal firm has also been allocated the same area. With the Bengal Silicon Valley IT Hub close by and the wave generated by the judicial ecosystem with the first breakthrough ushered in by allotting a plot to the leading advocate and solicitor firm of the state, there has been a unique confluence of Financial-Legal-FinTech-IT Hub in the area," a senior official of the state Information Technology & Electronics (IT&E) department said.
The legal component was added to the FinTech hub in 2014, with setting up of the National Green Tribunal in the vicinity and later, the Calcutta High Court was given a 10 acre plot at the CBD (Commercial Business District), close to the Financial Hub centre.
Anita Nandi Ray, Chief Representative India from the city of London's India Office at Mumbai, joined a group of bankers, financial institutions, FinTech startups, Webel, Webel Technology Limited, HIDCO and PwC officials and senior officers of the IT department at a conference held in HIDCO Bhavan on Wednesday.
Ray appreciated the focus and synergy likely to be created with this unique confluence. She mentioned that with a full Brexit expected to take place in March 2019 or soon thereafter, UK's Financial Services are showing interest in India with its large market, complex regulations requiring technological interventions to ensure compliance and advanced FinTech payments framework.
Ray handed over three recent studies conducted on India-UK Payments landscape, India-UK InsureTech landscape and India-UK RegTech landscape.
The IT officials informed that 100 acres of land in the Silicon Valley Hub has already been applied for and expression of interest has already been floated to allot another 27 plots covering an area of about 56 acres for the third phase of the hub. The plots will be allotted on a 99-year lease-hold basis.