Fintech Valley-Vizag in association with its knowledge partner KPMG has launched Banking, Financial Services and Insurance (BFSI) use case repository and fintech valley accelerator programmes to develop a sustainable ecosystem.
The launching of the twin programmes would set the tone to develop a high potential and a vibrant fintech ecosystem in Vizag, Special Chief Secretary and IT Advisor to Chief Minister J.A. Chowdary told The Hindu on Thursday.
At an interactive meet with the corporates, the two programmes, aimed at putting Vizag in the driver’s seat in India’s fintech industry were launched in Mumbai on Wednesday. As many as 14 corporate partners attended.
Fintech major from Singapore Lattice80, with which MoU was signed in March, would launch its operations in the city shortly. The firm is now scouting for space to open its office.
The BFSI use case repository would be useful for effective digital mechanism and research. Leading corporates, banks, insurance, non-banking financial company (NBFC) and capital market firms will contribute immensely to the creation of repository. Information regarding over 100 cases will be made available.
To operationalise it, AP Electronics and IT Agency (APEITA), an autonomous society created by AP government, will launch hackathon and innovation challenge to invite fintech players to showcase their ideas and solutions. The case studies will be available in areas like supply chain finance, business processes and international remittances.
MoU with 16 firms
Mr. Chowdary said they would sign MoU with 16 more companies to start their operations in the city taking the total fintech companies to 32. The aim, he said, was to bring 10 companies.
According to him, Microsoft and ICICI and two other companies had agreed to take part in accelerator programme. Talks were now on to woo Angel Broking, SBI Capital and other financial institutions.
