'Supporting fintech firms in Rajarhat with right manpower'

West Bengal is committed to strengthening fintech firms operating within the Rajarhat financial hub and is backing them up with the right manpower, a government official today said.

"Fintech is growing rapidly and the state also recognizes this and wants to support it. We want a fintech hub within the financial hub at Rajarhat. We are also working towards creating the right manpower to support this," state IT secretary Debashis Sen said at the Fintech Forum 2018 organized by the Merchants' Chamber of Commerce & Industry (MCCI) here.

The government is focussed on laying emphasis on emerging technologies like cryptocurrencies, bitcoin and blockchain, he said.

Blockchain technology can be of great use as it has the potential to make the financial services more efficient, quicker and transparent. This technology provides a decentralised network for its companies and users where information is secured and data transfer can be facilitated with no alterations, Bengal Chamber IT Committee chairperson Arnab Basu said earlier.

United Bank of India CMD P K Bajaj said the bank had taken help of a fintech company to lend and monitor small loans which generated excellent results.

Bombay Stock Exchange MD & CEO Ashish Chauhan said the role of fintech is huge in managing big volumes. He said the number of transactions in the stock exchanges have jumped multiple times in the past few years which could be achieved only due to technology.