The Andhra Pradesh government has signed two significant Memoranda of Understanding (MoU) with fintech multinationals Visa and Thomson Reuters in the presence of Chief Minister Chandrababu Naidu, last evening at Mumbai. The milestone represents another firm step by the state government designed to catapult Fintech Valley Vizag as the national and global hub for financial technologies (fintech) innovation.
The Andhra Pradesh government is also hosting the first Fintech Valley Vizag Spring Conference 2017 on March 9-10. The conference will bring together fintech companies, start-ups, researchers and key government officials who are working in the fintech sector, and will provide opportunities for disruptive business solutions. With a special focus on nurturing start-ups, the Conference will also announce the winners of the Fintech Startup Challenge who will receive Rs 5 lakh prize and free infrastructure for six months in the Fintech Tower.
Chandrababu Naidu said on this occasion that he is intended is to create 5 lakh jobs in Andhra Pradesh by 2020 through technology-enabled services. Fintech Valley is a playground for start-ups and innovators. He is hopeful that these MoUs are steps towards converting our vision to reality – of making Andhra Pradesh the leader in fintech ecosystem – through Fintech Valley Vizag.
As per the MoU between Visa and Government of Andhra Pradesh, they would collaborate to develop a robust digital payment ecosystem in Vizag through a multi-level approach that targets several stakeholders. Through the promotion of awareness campaigns and educational programmes, the MoU sets out to encourage both merchants and consumers to accept and adopt digital payments.
Visa will also develop a curriculum for government and consumers, including modules to scale financial literacy. By encouraging the use of electronic payments in the city, the agreement promises to make Vizag more financially inclusive and accepting of the digital future.
Fintech Valley Vizag is fast becoming the epicentre of fintech disruption. Since the launch of Fintech Tower, the Andhra Pradesh government has signed thirteen MoUs, of which six are with renowned educational institutions and seven with corporations seeking to disrupt the fintech sector.
