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HIDCO to come up with 'vertical city' in Fintech hub

HIDCO to come up with vertical city in Fintech hub

Kolkata: West Bengal Housing and Infrastructure Development Corporation (HIDCO) is coming up with a 'vertical city' in the Fintech hub at New Town that will have space reserved for Fintech start-ups.

"So far 25 financial institutions, both banking and non-banking, have taken up space in the Fintech hub located in the Central Business District (CBD) in New Town. Whenever financial issues are involved, the question of a foolproof cyber security guard or start-ups becomes imminent. A very tall iconic tower will come up in the CBD, which will provide space for the Fintech community, particularly start-ups. This will create a perfect ecosystem with the financial institutions as they come up gradually," said a senior HIDCO official.

The State Bank Institute of Leadership has already come up, while the National Insurance Corporation is in an advanced stage of construction. Several others have done their boundary walls.

It may be mentioned that the space that was initially designed as a financial hub in January 2012, has now transformed into a legal and financial hub. The National Green Tribunal has started its operation in the same space and forums for settling disputes related to arbitration, consumer matters and similar quasi-judicial centres are coming up there for dispute redressal.

"The standing committee of the state Cabinet has recently given the approval for allotment of 1.25 acres of land at the Fintech hub for setting up an Income Tax Appellate Tribunal. The plot will be allotted on a 99 year lease," the official added.

Meanwhile, a Mckinsey Global Institute report has predicted that Kolkata will be one of the three metros that will emerge as the epicentre of global financial activities by 2030, so the state government

is leaving no stones unturned to project itself as one of the major players in the financial world.

"If someone is seriously involved in top-ticket financial activities, he/she cannot really overfly Kolkata in the near future. That is how the city is evolving," said Additional Chief Secretary, Information Technology & Electronics department, Debashis Sen.

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