Fintech Valley-Vizag, an initiative of the State government to create global ecosystem for startups in financial technology under the aegis of AP Electronics and IT Agency (APEITA), will hold overseas roadshows shortly to woo participation from the companies based on innovative technologies to take part in $1 million Global Fintech Challenge.
“Roadshows will be held in Singapore, Hong Kong, New York, Boston, Silicon Valley and other fintech hubs in December, 2017 and January, 2018 to ensure globally-renowned companies to participate in the contest with solutions to critical problems,” Special Chief Secretary and IT Adviser to Chief Minister J.A. Chowdary has told The Hindu. Prizes to the winners will be given at the Global Fintech Summit planned sometime in the second half of next year.
One of the conditions for the participants is to ensure 20% of their operations in the Fintech Valley, which completed one year of its existence. Banking Financial Services and Insurance (BFSI) use case repository was recently launched with 100 case studies and solutions.
Visa is involved in converting the city into less-cash city within a year by promoting digital payments, while Thomson Reuters has signed an MoU to launch ‘Innovative AppStudio,’ a fintech lab initiative at Gitam University. It has already launched digital content exchange programme under e-Pragati initiative to offer content powered by its e-book software, ProView and legal research solution-WestLaw.
“We are very much confident of creating a world class fintech ecosystem in Visakhapatnam,” Pradeep Lankapalli, Managing Director, Thomson Reuters (South Asia), has said. The Fintech Valley has so far attracted investment by nine players, including Paytm, and 15 more are expected to start their operations shortly. During the recently held Blockchain Business Conference, 35 firms promised investment in the valley.
Lalith Ajuja’s ANSR Consulting was recently allotted 10 acres at Rushikonda to set up a Global In-house Centre. Another US-based $6 billion company Conduent has signed an MoU to establish a BPO and development centre. Both the companies with a total investment of ₹1,000 crore have committed to creating 10,000 jobs in a period of five to six years.
ICICI Bank and Mahindra Financial have agreed to set up accelerators with 30 startups and talks are now going on for opening facilities by Lattice80, Monetary Authority of Singapore (MAS), SBI Capital and other firms in the fintech valley.
