Special Chief Secretary and IT Advisor J.A. Chowdary on Thursday said FinTech with 50 million users in the State aimed to enable market access through PSUs, banks and financial institutions and promote financial technology solutions.
Mr. Chowdary was addressing students of the Gitam University at a seminar on ‘FinTech and block-chain opportunities and challenges’ organised jointly by the Gitam FinTech Academy and the Vizag Fintech Valley.
Defining FinTech as one of the cutting-edge technologies that break the traditional chain in financial sector, the IT advisor said FinTech was the future of global economy and would play a pivotal role in developing the country through its innovative products and service. Mr. Chowdary said the State government and Reserve Bank of India have been evincing keen interest in developing FinTech in India.
He mentioned that the Vizag FinTech Valley aimed at providing a start-up ecosystem and bringing innovators and mentors on to a single platform.
Indicating that Vizag FinTech Valley will have incubators, accelerators and labs for funding, Mr. Chowdary said the valley had already mobilised investments from international markets.
AP Electronics and IT Agency president Tirumala Rao Chamalla said the State government was keen on conducting a Global FinTech Festival to attract more start-up ideas.
Vice-president of Intellibusiness M. Anjaneyulu, vice-president (Marketing Analytics) of Synchrony Financial, Bhargavi Jayanthi,, vice-president of Emerging Trends and Technologies S. Jayavardhan and GITAM FinTech Academy coordinator Lebon Johnson attended the session.
