Fintech Valley selects eight startups for incubation

AP will emerge as blockchain capital soon, says IT Advisor

January 16, 2018 12:35 am | Updated 08:14 am IST - VISAKHAPATNAM

A file photo of aerial view of IT units at Rushikonda in Visakhapatnam.

A file photo of aerial view of IT units at Rushikonda in Visakhapatnam.

Fintech Valley Vizag, a self-sustained global solution ecosystem being developed in the city by AP Electronics and IT Agency (APEITA) with the support of the State government, has selected eight startups for undergoing incubation under its accelerator programme.

The accelerator programme by ICICI Bank and Mahindra Finance with Microsoft as the technology partner will make use of the first of its kind used case depository created in the city.

“The depository for which solutions to crucial problems encountered by banks, non-banking financial companies, insurance and capital market firms is attracting heavy investments mainly in blockchain into Fintech Valley Vizag,” J.A. Chowdary, Special Chief Secretary and IT Advisor to Chief Minister, told The Hindu on Monday.

He said eight companies had already started their operations at Fintech Tower, Rushikonda. Encouraged by the response, the government is planning to open more such towers at Rushikonda, where the Madhurawada IT Special Economic Zone, Sunrise Incubation Hub and Millennium Tower are located.

Mr. Chowdary, who has been nominated chairman of the blockchain technology committee set up by Bureau of Indian Standards (BIS) to suggest measures for secured applications in blockchain, said AP would be made the blockchain capital of the world with special focus on investments in Visakhapatnam. ANSR Consulting has also agreed to set up a Global Innovation Centre (GIC) for which the government has allotted 10 acres at Rushikonda.

Blockchain stack

As blockchain very well can change the infrastructure of Internet, Chief Minister N. Chandrababu Naidu recently cleared a proposal to create Blockchain Application Stack. It would help recommend security codes, he said.

Without naming the company, he said a United States-based investor had agreed to set up $10 million company in Visakhapatnam. He said IT Minister Nara Lokesh would visit America soon to attract investments into fintech.

To a question, Mr. Chowdary said 40 acres was being allotted at Rushikonda to international investment firm Franklin Templeton and its partner Innova Solutions to set up their campus. Initially, they will start their operations at Tech Hub in the city.

X (erstwhile Google X) and Conduent, American $6 billion company, were also being allotted space to start their operations in Visakhapatnam. The two companies have promised to create high-end jobs for 10,000.

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