Fintech Valley Vizag
Announcement
In September 2016, Chief Minister Naidu declared the Fintech Valley Project through a document titled 'Sunrise Andhra Pradesh Vision 2029' stating its objectives and the proposed state growth achievable by 2029 and focusing on Fintech Valley will be developed as an innovation valley, and as one of the best financial centers in the world.
Visakhapatnam, also known as Vizag, was chosen as the city to host the projects of financial technology due to its size and potential for attracting investment. Endeavouring to be a “happy and globally-competitive society” by 2029, Andhra Pradesh state envisages transforming into an inclusive, accountable, and competitively innovative society. Initiating structural transformations and committing to sustain high economic growth, the Government of Andhra Pradesh placed FinTech as the epicentre of a focus to create an ecosystem of digital banking, financial analytics, cybersecurity, and blockchain (database) technology. Among the various promising initiatives taken under the auspices of FinTech Valley Vizag, the initiative pertaining to the FinTech ecosystem is the Andhra Pradesh Purse mobile wallet offering 13 mobile banking and 10 other mobile wallets for transactions.
The Government of Andhra Pradeshs' accord with the FinTech Association of Hong Kong is aimed at utilising Hong Kong's FinTech ecosystem and developing an Andhra Pradesh Hong Kong entrée for FinTech startups and knowledge transfer. It is the largest city in Andhra Pradesh with an IT industry whose turnover is Rs. 2,000 crore and an established industrial base. The objective was set to build into a thriving Finance & Technology ecosystem.
Infrastructure
To support start-up organizations, the government will provide infrastructure and market access to facilitate Proof of concept (PoC) of the start-up organizations.
- A purpose-built and government supported facility to provide infrastructure facilities at subsidized rates
- A 40-acre IT park in Rushikonda, Vizag
- A proposed 600 acre IT park at Kapuluppada
- Development of Mega IT hub at Madhurawada with infrastructure facilities
Building the Fintech Ecosystem
- AP FIBERNET - Connect all Gram Panchayats and provide high-speed internet connection to all households as well as a 1 Gbit/s connection to businesses
- Andhra Pradesh - Purse: A mobile wallet encompassing 13 mobile banking and 10 other mobile wallets available to use for transactions
- Digital financial literacy: Introduce Marpu Nestam, an incentives-based program to set up agents who educate people on digital financial literacy
- Real time governance: To make administration more efficient and responsive
- Chief Minister's Dashboard: Effective monitoring of key performance indicators of state government departments
- E-Pragathi: E-governance through digitization of all government projects including education, agriculture and health
Finteract
Fintech Valley Vizag launched 'Finteract', a platform to engage with the startup community during the Spring Conference 2017. Technology start-ups Blueocean Market Intelligence and HelloSoda India emerged as the winners of the Capital Markets segment of the Fintech Start-up Challenge 2017. The participating start-ups were invited to take up Angel Broking's stated challenge of “Real-Time Social Profiling of Customers”. Blue Ocean Market Intelligence presented its solution developed on its proprietary "Digital Persona and Insights Solution" platform, HelloSoda India's solution was built on its “PROFILE” platform.
Companies in the valley
Cardlytics, ValueLabs, Blocktrust, Knolskape, Transaction Analysts, Genesys Labs and GMS, Paytm have offices in the valley.
The Monetary Authority of Singapore, HSBC and Broadridge are among the 10 companies who are set to provide development and resource sharing Memorandums of Understanding (MoUs).
References
- ^ "Vizag will be innovation, IT hub: Naidu". The Statesman. 24 October 2018. Retrieved 2 April 2020.
- ^ "New IT initiatives to put Vizag on technology map". theweek.in. Archived from the original on 22 February 2018. Retrieved 2 April 2020.
- ^ AuthorIANS. "Vizag may soon emerge as hub of new age technologies". Telangana Today. Retrieved 2 April 2020.
- ^ "Chandrababu Naidu releases draft of 'Sunrise AP Vision 2029' document". Deccan Chronicle. 28 September 2016.
- ^ "Vizag will be developed as one of top 3 fintech destinations : AP CM". @businessline. 23 October 2018. Retrieved 6 March 2020.
- ^ Sinha, Smita (17 March 2018). "How Andhra Pradesh Is Emerging As India's Blockchain Hub". Analytics India Magazine. Retrieved 2 April 2020.
- ^ IANS (22 February 2017). "Andhra to develop Vizag as Fintech hub, signs MoU with Visa". Business Standard India. Retrieved 6 March 2020.
- ^ Patnaik, Santosh (5 December 2016). "Vizag to be made a FinTech Valley". The Hindu. ISSN 0971-751X. Retrieved 6 March 2020.
- ^ "Vizag to play host to FinTech conclave from March 9". New Indian Express. 26 January 2017.
- ^ "Fintech Valley Vizag Launches 'Finteract' - A Platform to Engage Startup Community". BW Disrupt. 14 March 2017. Retrieved 14 March 2017.
- ^ "Start-ups - Blue Ocean Market Intelligence and HelloSoda India win Angel Broking's Fintech Challenge". @businessline. 27 March 2017. Retrieved 28 May 2019.
- ^ "Lycos and Kissht to start operating from Vizag". Yo Vizag. 23 October 2017. Retrieved 4 March 2020.
- ^ "Foundation for tech valley: Six fintech companies to launch development centers in Vizag". Business standard. 16 December 2016.
