HIDCO earmarks plot in New Town for FinTech companies

The Housing Infrastructure Development Corporation (HIDCO) has earmarked a 10-acre plot in New Town for a hub for Financial Technology (FinTech) companies.

According to a senior official, the HIDCO is planning to start inviting applications from interested companies for a space in the hub by this year-end.

"A 10-acre of land has been identified for a hub to allot the Financial Technology (FinTech) companies. We are planning to invite application from companies for this space hopefully by this year-end," the official said.

Fintech is an emerging industry comprising companies using digital technology to provide financial services like digital payment, automatic digital banking, share market analytics, insurance predictions as well as asset management.
 

HIDCO, he said, was also working to set up an international financial services centre in the Central Busines District (CBD) of New Town.

"This international financial services centre will be absolutely for investors and foreign nationals to trade and exchange in foreign currency," the officer said.