Kolkata will soon get a dedicated financial technology hub in New Town. The Housing Infrastructure Development Corporation (HIDCO) has identified a 10 acre plot in New Town for the project.
Financial technology, popularly referred to as fintech, is an emerging industry. It consists of companies that use digital technology to offer financial services, such as automatic digital banking, digital payments, share market analytics, asset management, insurance predictions, etc. The sector witnessed a turnover of $1.2 billion in 2015 and is expected to double by the year 2020.
HIDCO will invite applications from companies interested in taking up space in the proposed hub by the end of 2017. Financial institutions with minimum average turnover of Rs 500 crore in the last three financial years ending on March 2017 will be eligible for applying. Land in the proposed hub will have an offer price of Rs 13 crore per acre.
In addition, HIDCO is also planning to set up an international financial services centre in the Kolkata's Central Business District (CBD) of New Town. The proposed financial services centre will be meant excludively for foreign nationals and investors to trade and deal in foreign currency.