Chief Minister of Andhra Pradesh, Shri Nara Chandrababu Naidu today presided over the signing of two significant Memoranda of Understanding (MoU) with fintech multinationals Visa and Thomson Reuters 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 MoU stipulates that Thomson Reuters will build fintech initiatives using government-provided infrastructure and university resources, while Visa will help sustain financial inclusion; increase digital adoption and develop educational curricula for financial literacy; introduce latest technologies Quick Response (QR) code and Near-Field Communication (NFC) to enable digital payments for government and business segments.
The Government of Andhra Pradesh is also hosting the first Fintech Valley Vizag Spring Conference 2017 on March 9-10, 2017. 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 startups, the conference will also announce the winners of the Fintech Startup Challenge who will receive rupees 15 lakh in prize money and free infrastructure for six months in the Fintech Tower.
Chief Minister Chandrababu Naidu said, “Our vision is to create 5 lakh jobs in Andhra Pradesh by 2020 through technology-enabled services. Fintech Valley is a playground for startups and innovators. Our aim is to turn Fintech Valley into a global hub by enhancing the fintech ecosystem with mutually beneficial cross border collaborations and relationships. This can lead the way in the technological and financial growth of the nation.”