FinTech Valley To Be Set Up In Visakhapatnam

The state government has announced that Visakhapatnam will be developed into a FinTech Valley (financial technology). Roadshows will be held in US, Middle East and Europe to attract investors and partners who are leading the fields of FinTech.

The state government previously involved Singapore in promoting FinTech in the city and its successful response has inspired the CM to undertake more overseas trips. Chandrababu Naidu and members of CII plan to showcase the investment potential of Visakhapatnam that has an IT turnover of Rs 2000 crore and a strong industrial base.

A MoU has been signed with the Monetary Authority of Singapore (MAS) for exploring projects of mutual interest. Innovative technologies like digital payments and Blockchain technology will be explored in the educational programmes and curriculum of FinTech. The MAS will work with the state government on emerging FinTech trends and addressing regulations. Delegations have been previously sent to Boston and Silicon Valley to pitch the proposed FinTech Valley.

MoUs will soon be signed for introduction of courses in Andhra University, GITAM, Gayatri Vidya Parishad and other colleges. On December 12, an IBM team will visit Vijayawada to give a presentation on Blockchain applications. It is expected that banks and insurance companies will move towards creating permanent digitalised ledgers now. A digital university will also be set up on the lines of ISB-Hyderabad in Tirupati. The agenda for the upcoming CII Partnership Summit will be attracting investors for the proposed FinTech Valley.

Feature Image Credit: London School of Business

This post was last modified on 05/12/2016 1:19 pm

Share
Leave a Comment

Recent Posts

Rushikonda buildings: Chandrababu Naidu hits out at Jagan

Chief Minister N Chandrababu Naidu has come down heavily on former Chief Minister Y S…

5 hours ago

Roads in State will be pothole-free by Sankranti: CM

Chief Minister N Chandrababu Naidu has said all roads in the Andhra Pradesh state should…

5 hours ago

5 reasons why you should watch Bhool Bhulaiyaa 3 now!

Kartik Aaryan's new horror-comedy, Bhool Bhulaiyaa 3, is the talk of the town, winning hearts…

6 hours ago

Bigg Boss Telugu 8: Nikhil’s Aggression Shocks The Audience!

Bigg Boss Telugu is a popular reality show with a huge viewership from all ages.…

9 hours ago

IT employee dies in road accident in Vizag

A youth died in a road accident near Panorama Hills in the limits of the…

9 hours ago

7 upcoming events in Visakhapatnam this November that are actually fun!

As we step into a new month, fresh possibilities and memories waiting to be made…

10 hours ago