Vizag Fintech festival 2018

The State government has decided to develop Visakhapatnam into a FinTech (financial technology) Valley by holding roadshows in the U.S., the Middle East, and Europe to attract leading players in the field for partnerships and investments.

The FinTech Valley would act as a facilitator for information flow, a playground for innovators to look beyond the traditional processes with new, more efficient, economically beneficial technologies that would change the way of doing business traditionally

Fintech Valley Vizag launched in December 2016 is an initiative by the Andhra Pradesh Government to promote business infrastructure in the state, and attract investors and multinational corporations to set up offices. In September 2016, the Chief Minister of Andhra Pradesh N. Chandrababu Naidu announced the project through a document titled ‘Sunrise Andhra Pradesh Vision 2029’ stating its objectives and the proposed growth achievable through this initiative for the state by 2029. Visakhapatnam, also known as Vizag, was chosen as the city to host the project due to its size and the potential for attracting investment. It is the largest city in Andhra Pradesh with an IT industry whose turnover is Rs. 2,000 crore and an established industrial base.

Fintech Valley Vizag launched the Finteract, a platform to engage with the startup community during the Spring Conference 2017. Finteract – A platform where start-up community engages with the finest minds.

In a month since its inauguration in Vizag, the newly developed FinTech Tower is already housing disruptive start-ups such as  ValueLabs, Blocktrust, Knolskape, Trasaction Analysts, Genesys Labs and GMS, Paytm have offices in the valley. FinTech Valley has already landed the likes of over ten MoUs for development and resource sharing with companies including the Monetary Authority of Singapore (MAS), HSBC and Broadridge are among the 10 companies who are set to provide development and resource sharing MoU’s to explore projects of mutual interest on innovative technologies such as digital payments and Blockchain technology, and collaborate on the development of education programmes/curricula on FinTech.

The FinTech Valley, Vizag is being developed as a self-sustained global ecosystem that will host a plethora of businesses looking to expand their FinTech capabilities – from start-ups to established corporations. The network formed between the institutions, corporations and start-ups is one that the government is committed to nurture, where start-ups will act as enablers, while established businesses as advisors.

Witnessing a rare convergence of government and innovation, the Andhra Pradesh CM has offered full support to companies, incubators, facilitators and start-ups, inviting anyone with disruptive ideas to be a part of FinTech Valley on the edge of innovation.

To support start-ups, the AP government is providing free infrastructure for six months, free fiber (high speed internet) connectivity, and preferential market access to facilitate POCs of the start-ups.

FinTech Valley offers a paradise for our young and tech-savvy innovators, with clean skies and a constant sea breeze. The modern high-tech buildings recently built stand in stark contrast to the perpetual blankets of green in Vizag, making it the perfect new getaway for the young-hearted looking to innovate India’s future.