Thomson Reuters, Visa to launch operations in Vizag next month

Space is being allotted to the two firms at FinTech Tower

February 25, 2017 08:28 am | Updated 08:28 am IST - VISAKHAPATNAM

Multinationals, Thomson Reuters and Visa, will launch their operations at the FinTech Tower in the Madhurawada IT Special Economic Zone next month, giving a big push to efforts to transform Visakhapatnam into a prominent financial technology hub.

J.A. Chowdary, Special Chief Secretary and IT Adviser to Chief Minister, who was here to attend a conference on Digital India, told The Hindu on Saturday that space was being allotted to the two leading firms at the FinTech Tower.

The State government signed MoUs with Thomson Reuters and Visa in Mumbai recently in the presence of Chief Minister N. Chandrababu Naidu.

“We have floated FinTech Valley-Vizag in December during the inauguration of the FinTech Tower. With several proposals at various stages of implementation, we are confident of making Visakhapatnam a leading FinTech hub,” he said.

As per the MoU, Thomson Reuters will build FinTech initiatives using government-provided infrastructure and university resources. Visa will help sustain financial inclusion, increase digital adoption, and develop educational curricula for financial literacy.

Visa has agreed to introduce latest technologies such as Quick Response (QR) code and Near-Field Communication (NFC) to enable digital payments for government and business segments.

The government has already signed MoU with 13 companies, including Paytm, Blocktrust, GMS Solutions, Transaction Analysts. and Knolscape to launch their operations in the city. A building has been taken on hire on Rushikonda Hill No. 2 to house FinTech companies.

After appointing KPMG as a consultant, the government signed a MoU with Monetary Authority of Singapore (MAS) to promote FinTech in a big way in Andhra Pradesh.

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