Vizag to be hub for fintech innovation

In a bid to develop Vizag into a national and global hub for financial technologies innovation, the government of Andhra Pradesh on Tuesday signed a memorandum of understanding (MoU) with Visa and Thomson Reuters, the provider of news and information for a range of professional markets.

As part of the agreement, Visa, a global payment processing company, will develop a curriculum for government and consumers, including modules to scale financial literacy.

By encouraging the use of electronic payments in the city, with a special focus to include traditionally under-served segments, the agreement promises to make Vizag more financially inclusive and accepting of the digital future.

Thomson Reuters will build fintech initiatives using government provided infrastructure and university resources and will also provide regulatory and operational risk management solutions.

“Our aim is to attract the best fintech startups in the world by creating trained manpower for the global fintech industry that is growing at 26 per cent per annum. We have also reached an agreement with the Singapore Monetary Authority, which will advise us on how to develop technology and attract best companies in the world. Our vision is to create 5 lakh jobs in Andhra Pradesh by 2020 through technology-enabled services. Fintech Valley is a playground for startups and innovators.

“Our aim is to turn Fintech Valley into a global hub by enhancing the fintech ecosystem with mutually beneficial cross border collaborations and relationships,” said N Chandrababu Naidu, chief minister, AP.

Stating that the goal is to make Andhra Pradesh number the one state in India by 2029 and a leading global investment destination by 2050, Mr Naidu said his government has identified three regions to develop them into technology hubs.

“Vizag would be developed into a fintech hub, Amaravati an IT and ITes hub and Tirupati into a hardware, electronics and centre of excellence,” he said.

Since the launch of Fintech Tower in Vizag, the AP government has signed 13 MoUs, of which six are with renowned educational institutions.