Fintech Valley Vizag
 | |
| Owner | Government of Andhra Pradesh |
|---|---|
| Key people | J A Chowdary |
| URL | www |
| Launched | 17 December 2016 |
| Current status | Active |
Fintech Valley Vizag is an initiative of the Government of Andhra Pradesh to promote business infrastructure in the state, and attract investors and multinational corporations to set up offices. The project was launched in December 2016.[1]
Announcement
In September 2016, the Chief Minister of Andhra Pradesh N. Chandrababu Naidu announced the project through a document titled 'Sunrise Andhra Pradesh Vision 2029' stating its objectives and the proposed growth achievable through this initiative for the state by 2029.[2]
Visakhapatnam, also known as Vizag, was chosen as the city to host the project due to its size and the potential for attracting investment. It is the largest city in Andhra Pradesh with an IT industry whose turnover is Rs. 2,000 crore and an established industrial base.[3] The objective was set to build into a thriving Finance & Technology ecosystem.[4]
Initiatives
- 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 setup 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
Roles in the Ecosystem
Global financial services companies, government and academia will be encouraged to come together and build capacity, infrastructure, market access, connectivity, funding channels, and incentive mechanisms that will help them achieve their business goals. Start-ups, financial Institutions, technology vendors, incubators / accelerators / innovation labs, and investors simultaneously would also be encouraged to contribute to the ecosystem.[5]
Infrastructure
To support start-up organizations, the government will provide infrastructure and market access to facilitate PoCs of the start-up organizations.[6]
- 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
Finteract
Fintech Valley Vizag launched the Finteract, a platform to engage with the startup community during the Spring Conference 2017.[7] 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.[8] 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 Fintech
Cardlytics, ValueLabs, Blocktrust, Knolskape, Transaction Analysts, Genesys Labs and GMS, Paytm have offices in the valley.
Monetary Authority of Singapore, HSBC and Broadridge are among the 10 companies who are set to provide development and resource sharing MoUs.[9]
References
- ^ "Andhra Pradesh offers incentives to FinTech startups in Vizag". Express BPD. 27 January 2017.
- ^ "Chandrababu Naidu releases draft of 'Sunrise AP Vision 2029' document". Deccan Chronicle. 28 September 2016.
- ^ "Vizag to be made a FinTech Valley". The Hindu. 5 December 2016.
- ^ "Andhra Pradesh to develop Vizag as fintech hub, signs MoU with Visa". Times of India. 23 February 2017.
- ^ "Global accelerators & incubators look to cash in on India's fintech goldrush". Tech Economic Times. 19 October 2016.
- ^ "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. Retrieved 28 May 2019.
- ^ "Foundation for tech valley: Six fintech companies to launch development centers in Vizag". Business standard. 16 December 2016.
