Visakhapatnam poised to emerge as India’s Fintech valley

Visakhapatnam may soon become a major fin-tech hub in the country as many of the top global fin-tech firms are showing interest to start operations in the city of destiny.

Most of the prominent global players in the fin-tech industry are showing great interest to work in association with Fintech Valley Vizag. This may support the possibility of building up the city as a key goal of rising advancements in Blockchain R&D, AI, big data, machine learning, cybersecurity, and data analytics.

It is evident that in a short span, Fintech Valley has become a global brand. Eight startups from India and other countries were selected for the first batch of the accelerator program. The programme will be conducted in collaboration with corporate partners and like ICICI Bank and Mahindra Finance. The technology and acceleration partner will be Microsoft.

Fintech Valley, which completed one year, has attracted many Fintech companies while few others are in the pipeline to sign a MoU. It has also roped in technology partners, including India’s top banks to create a vault of use cases in Blockchain innovation. Financial institutions such as Tata Capital, SBI, HDFC etc showed enthusiasm to start accelerator programs with Fintech Valley Vizag during the Blockchain conference held during early October in Vizag. Wipro is also looking at building its Blockchain practice here while National Stock Exchange (NSE) proposes to set up a data center. Monetary Authority of Singapore (MAS) and other partners also plan to set up accelerators.

In a bid to make Visakhapatnam the Blockchain capital, the state is in the process of investing Rs 500 crore fund for start-ups operating in the domain and housed at Fintech Valley. The Fintech valley aims at creating 10,000 thousand jobs in the next three years.

Image credits: Nara Lokesh Facebook Page

The article has been contributed by our guest writer, Manideep Tummalapudi.