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How Andhra Pradesh Is Creating An Ecosystem For Fintech Startups

With the fast-paced world of fintech, technology is transforming the conventional financial industry. Today, the application of blockchain can be used to secure land record maintenance. The technology offers great potential to India’s property right governance, especially with the country’s current focus on digital India.

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Fintech

It was in 2008 when the world was introduced to a new cryptocurrency called Bitcoin which changed the cryptocurrency game forever. For those who are unaware about the currency, it is invented by a cryptographer with the help of pseudonym Satoshi Nakamoto. It is a digital currency that allows people to perform peer-to-peer transactions without taking the help of any third party such as the banks.

If we talk about India, the country has emerged as one of the important nation for Bitcoin’s growth and future. And do you know what is the main reason behind its surge? It is none other than the demonetization drive. With ATMs and banks running dry, people were left with no other choice than to turn towards digital currencies and mobile wallets to quench their cash which in turn helped boost Bitcoin usage like never before.

With the fast-paced world of fintech, technology is transforming the conventional financial industry. Today, the application of blockchain can be used to secure land record maintenance. The technology offers great potential to India’s property right governance, especially with the country’s current focus on digital India.

Points such as these were raised and discussed at the Blockchain Technology Conference (BCTC) where industry leaders, policy makers talked about how they can craft a model policy framework to aid in the adoption of the technology for property governance in India.

While addressing the gathering in a packed room at the Taj Ambassador Hotel, New Delhi on August 9, 2017, JA  Chowdary, Special Chief Secretary & IT Advisor to the Chief Minister Andhra Pradesh (AP) throws some light on the initiatives of AP government and its programs that are driving fintech and blockchain space.

Government Support To Fintech Industry

The AP Government is leaving no stone unturned to make AP the digital state in India.

During the conference, In his speech, Chowdary detailed the essentials for fintech startups identified by experts in the AP government.

Chowdary highlighted the Andhra Pradesh’s new startup initiative, Fintech Valley Vizag, a flagship initiative which intends to bring together industry, academia, and investors to innovate, co-create, and build the fintech ecosystem, with the intent of making Visakhapatnam the fintech epicentre of the world. 

“Andhra Pradesh govt intends to catalyse fintech sector’s growth by hosting global business competitions and awarding innovation,” said J.A. Chowdary.

Apart from this the Global Blockchain Summit 2017 marks the next leg of the journey, after the Fintech Spring Conference 2017 in March 2017. This will be a two-day conference and expo that aims to connect, the blockchain community, government bodies and the industry stakeholders, working on blockchain technologies to create business and investment opportunities. Not only this, the Government of Andhra Pradesh and other governments from countries such as Dubai, Estonia, USA, and Australia will be showing their case studies on blockchain and its implementation within the government.

Towards this end, Chowdary talked about the raising issue of cyber security in India. As of today, there is no law in circulation on the use of the popular Bitcoin or any similar cryptocurrencies in the Indian subcontinent. The users using such currencies, in case they face a fraud situation during these Bitcoin/virtual currencies transaction, they won’t have any legal recourse to their aid in India.

Speaking on the same lines, Chowdary highlighted that the need to focus on ‘trust, transparency through technology’ to protect the common man interest. “It is important for a country like India, to bring trust, transparency among the common man through the technology,” said Chowdary.

Chowdary is hopeful that they will be able to create as many successful fintech startups as they can through their initiatives. He concludes by stating India as a technology hub. He believes that currently, India is in a golden era where it has a lot of untapped opportunities to capitalize.


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andhra pradesh FinTech Startups

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