Andhra Pradesh keen to turn Vizag into a global fintech hub

The Andhra Pradesh government has gone all out to woo fintech entrepreneurs, startups and large companies to set up their operations in Vizag.

At the Vizag Fintech Festival today, Andhra Pradesh made a very strong pitch to be counted among the top five fintech hubs of the globe. The state government is highly keen to make Vizag as the go-to destination for all things connected to the world of financial technology.

Chief Minister N Chandrababu Naidu said that the government has vigorously started the journey of creating an ecosystem that will attract startups, companies and banks to launch their operations in this city.

In its second edition, this event's main highlight is the 'Million Dollar Challenge', where a select few startups from across the world will be eligible for $1 million of equity free funding.

Naidu added, “The next evolution of the information technology will be the combination of knowledge economy and innovation, and this where fintech will play a role.”

Currently, there are around 17 startups and six large companies, which have set up operations in Vizag including Paytm and Franklin Templeton. The state government has laid out an ambitious plan to attract an investment of Rs 500 crore within the next year and aims to attract 75 companies and create 50,000 jobs.

The Andhra Pradesh government signed several memoranda at the festival with various companies, banks and accelerators. HDFC Bank and Federal Banka are among the banks that plan on starting operations in Vizag.

Keen to promote cross-border partnerships as part of Vizag Fintech Festival, the government also entered into agreements with organisations based in Hong Kong and Israel.

The state IT Minister Nara Lokesh said that it is keen to leverage various technologies like artificial intelligence and blockchain to enhance delivery of citizen services. He mentioned that the state has already started to leverage blockchain technologies for maintaining its land records reducing the quantum of litigation.

The Vizag Fintech Festival started on October 22 and will continue till October 26. The event will also host Sophia, the social humanoid robot, among discussions on various aspects of fintech.