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The proposed financial technology tower of fintech city being set up in Chennai is expected to bring in investments worth Rs 1,000 crore in its first phase, Tamil Nadu Industries Minister T R B Rajaa said.

Chief Minister M K Stalin, on Saturday, laid the foundation stone for setting up the fintech city and a fintech tower at an outlay of Rs 370 crore expected to generate 90,000 jobs in the state.

The Financial Technology Tower, which will come up in Nandambakkam in the city, is expected to generate 7,000 new jobs in the state in the initial phase, Rajaa said.

“As the first phase of development of TN FinTech City, the Fintech tower in Nandambakkam, Chennai, will attract over Rs 1,000 crore investments and generate 7,000 employment opportunities for Tamil Nadu and make the state an unparalleled hub in financial technology (sector),” Rajaa said in a social media post.

“It will shine as the central node for fintech companies in TN. Today, we have not just laid the foundation stone for a fintech city and tower, but once again ensured inclusive growth by democratising access to financial services,” he said.

State government-backed nodal agency Guidance Bureau said the launch of the fintech tower sets the stage for a state-of-the-art facility propelling the growth of the industry in the financial technology segment to new heights.