Fintech Valley Vizag

Last updated

Fintech Valley Vizag
Industry Financial Technology
Artificial Intelligence
Blockchain Security
Information Technology
Biopharmaceutical
Founded17 December 2016;7 years ago (2016-12-17)
Headquarters,
India
Area served
Rushikonda
Kapuluppada
Madhurawada
Website vizagfintechfestival.com

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. Fintech Valley was founded by N. Chandrababu Naidu then Chief Minister of the Andhra Pradesh state in December 2016 [1] with the goal of enhancing Visakhapatnam City as a financial technology capital in Andhra Pradesh. [2] [3]

Contents

Announcement

logo Fintech valley Vizag Fintechvallevy vizag logo.png
logo Fintech valley Vizag

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 [4] and focusing on Fintech Valley will be developed as an innovation valley, and as one of the best financial centers in the world. [5]

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. [6]

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. [7] [8]

Infrastructure

Sunrise Towers (Incubation Centre) at startup village Rushikonda, Vizag inaugurated by N. Chandrababu Naidu in 2015 Incu.jpg
Sunrise Towers (Incubation Centre) at startup village Rushikonda, Vizag inaugurated by N. Chandrababu Naidu in 2015

To support start-up organizations, the government will provide infrastructure and market access to facilitate Proof of concept (PoC) of the start-up organizations. [9]

Building the Fintech Ecosystem

Finteract

Fintech Valley Vizag launched 'Finteract', a platform to engage with the startup community during the Spring Conference 2017. [10] 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. [11] 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[ buzzword ] developed on its proprietary "Digital Persona and Insights Solution" platform, HelloSoda India's solution[ buzzword ] was built on its “PROFILE” platform.[ citation needed ]

Companies in the valley

Cardlytics, ValueLabs, Blocktrust, Knolskape, Transaction Analysts, Genesys Labs and GMS, Paytm have offices in the valley. [12]

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). [13]

Related Research Articles

<span class="mw-page-title-main">N. Chandrababu Naidu</span> Former Chief Minister of Andhra Pradesh, India

Nara Chandrababu Naidu, also known as Chandrababu Naidu or CBN, is an Indian politician and the current leader of the opposition in the Andhra Pradesh Legislative Assembly. He also served as Chief Minister from 1995 to 2004 and as opposition leader from 2004 to 2014 of Andhra Pradesh. He has been the president of the Telugu Desam Party (TDP) since 1995.

<span class="mw-page-title-main">HITEC City</span> Business district in Hyderabad, India

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<span class="mw-page-title-main">Fintech</span> Subset of technologies used in finance

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References

  1. "Vizag will be innovation, IT hub: Naidu". The Statesman. 24 October 2018. Retrieved 2 April 2020.
  2. "New IT initiatives to put Vizag on technology map". theweek.in. Archived from the original on 22 February 2018. Retrieved 2 April 2020.
  3. AuthorIANS. "Vizag may soon emerge as hub of new age technologies". Telangana Today. Retrieved 2 April 2020.
  4. "Chandrababu Naidu releases draft of 'Sunrise AP Vision 2029' document". Deccan Chronicle. 28 September 2016.
  5. "Vizag will be developed as one of top 3 fintech destinations : AP CM". @businessline. 23 October 2018. Retrieved 6 March 2020.
  6. Sinha, Smita (17 March 2018). "How Andhra Pradesh Is Emerging As India's Blockchain Hub". Analytics India Magazine. Retrieved 2 April 2020.
  7. IANS (22 February 2017). "Andhra to develop Vizag as Fintech hub, signs MoU with Visa". Business Standard India. Retrieved 6 March 2020.
  8. Patnaik, Santosh (5 December 2016). "Vizag to be made a FinTech Valley". The Hindu. ISSN   0971-751X . Retrieved 6 March 2020.
  9. "Vizag to play host to FinTech conclave from March 9". New Indian Express. 26 January 2017.
  10. "Fintech Valley Vizag Launches 'Finteract' - A Platform to Engage Startup Community". BW Disrupt. 14 March 2017. Retrieved 14 March 2017.
  11. "Start-ups - Blue Ocean Market Intelligence and HelloSoda India win Angel Broking's Fintech Challenge". @businessline. 27 March 2017. Retrieved 28 May 2019.
  12. "Lycos and Kissht to start operating from Vizag". Yo Vizag. 23 October 2017. Retrieved 4 March 2020.
  13. "Foundation for tech valley: Six fintech companies to launch development centers in Vizag". Business standard. 16 December 2016.

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