/State govt working on ecosystem to give shot in arm to fintech hub (via Qpute.com)
State govt working on ecosystem to give shot in arm to fintech hub

State govt working on ecosystem to give shot in arm to fintech hub (via Qpute.com)


Kolkata: The state government is developing an ecosystem to provide a boost to its fintech hub and has hence conceived the Silicon Valley Hub in New Town, for which huge investments are already coming.

Speaking at the CII Banking Colloquium on Friday, Debashis Sen, state Additional Chief Secretary, Information Technology department, said economists have predicted that the gravity of technological intervention is moving towards the east pulled by China and India and so, Bengal is gearing up to meet the demand.

“The new banking industry will depend on modern cutting-edge technology like Blockchain, Cyber Security and Quantum Computing and so we are developing an ecosystem where banking and technology will be at very close proximity,” Sen said.

He added that the workforce for this ecosystem will receive a boost with the education hub coming up near the fintech hub in New Town. Amity University and Aliah University have already come up with their campus there as well. The campuses of IIT Kharagpur’s research park and Presidency University are also under construction.

Sen mentioned that 25 financial institutions, both banking and non-banking, have taken up space in the fintech hub located at the Central Business District (CBD) in New Town.

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

It may be mentioned that the space that was initially designed as a financial hub in January 2012, has now been 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.

A Mckinsey Global Institute report has predicted that Kolkata will be one of the three metros that will emerge as the epicenter of global financial activities by 2030, which is why the state government is leaving no stones unturned to project itself as one of the major players in the financial world.


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