Mumbai: The State cabinet on Tuesday approved a financial technology (Fintech) policy. Maharashtra will be the first state in the country to have this policy. The government hopes that this policy will help to step up 300 new start-ups in next three years. Besides, the state has also decided to establish ‘World Fintech Hub’ in the Mumbai Metropolitan Region.

According to chief minister’s office, this policy will bring Maharashtra in top five of Fintech at the world forum. Knowing the importance of the Fintech in the Banking Financial Services and Insurance (BFSI) at present, the government realised the need for the policy.

The aims of the policy include bringing Maharashtra in top five of the Fintech states of the world in next five years, establish at least 300 start-ups in next three years, availing Rs 200 crore as venture capital for new start-ups for next three years and availing the double the size of the co-working space. To achieve these purposes, the government will create a corpus of Rs 250 crore for three years.

The government has decided to give many sops for setting up of smart Fintech centres like additional floor space index (FSI). Eighty five per cent of constructed areas will be reserved for Fintech business.