HIDCO aims to rope in fintech companies at New Town

Kolkata: West Bengal Housing & Infrastructure Development Corporation (HIDCO) is trying to rope in leading fintech companies in its financial hub at New Town. "There is a huge potential for technological invasion in the financial world. So, fintech-powered by artificial intelligence needs to be embraced by us. We have reserved a place in our financial hub where we are inviting fintech companies to come," HIDCO chairman Debashis Sen said on the sidelines of a seminar on industry organised by Bharat Chamber of Commerce on Monday.

HIDCO has a land of 150 acre marked for a financial hub out of which, 35 acre has already been occupied by 21 financial institutions like banks, insurance, share market etc.

The government will provide them plug and play infrastructure to the fintech companies. Elaborating on the fintech technology, Sen said that such companies will help a person to transfer money from one person to another without a bank acting as an intermediary and will also provide guidance highlighting the pros and cons of investments in share market, mutual fund etc. Sen said that the decision of opening the financial hub to fintech companies has already been approved by the HIDCO board on Sunday.

Sen, who also happens to be the principal secretary of the IT department, said that government is also working for imbibing start up culture among the youth. "I would request the industrialists or the chambers to consider being a mentor in at least a single start up. You may take up a start up that is similar to the area in which you are working," he said.

The Mamata Banerjee-government is also looking for a knowledge partner in mobile gaming and animation sector. "America also is outsourcing mobile gaming," he added.