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Andhra Pradesh Government set to make Vizag India’s Fintech Centre of Excellence for the globe

MediaInfoline October 10, 2017

Fintech Valley Vizag, the flagship initiative of Government of Andhra Pradesh today flagged off India’s Largest Blockchain conference, Blockchain Business Conference in Vizag. The conference marks the second leg of the Fintech Valley Vizag initiative that was started with the Fintech Spring Conference in March 2017. The power-packed two-day expo connects decision makers from government bodies and the industry, working on blockchain technologies to create business and investment opportunities for startups received an overwhelming participation of more than 500 delegates on day 1.

The conference was inaugurated by high-profile attendees such as Shri Chandrababu Naidu – Hon’ Chief Minister of Andhra Pradesh, Shri Lokesh Nara – Hon’ IT Minister of Andhra Pradesh, Rentala Chandrasekhar, President NASSCOM, Mr. Mahapatra – Deputy MD SBI, Ashok Vemuri – CEO Conduent Inc, Ravi Menon – Managing Director, Monetary Authority of Singapore, Jack Shaw – Executive Director, American Blockchain Council,  Richard Kastelein – Founder, Blockchain News amidst others.

Some of the significant aspects of the program include the launch of Thomson Reuters COE launch, India Fintech Forum Launch, Launch of Blockchain Report – Wipro, Blockchain Hiring Portal Launch, India Blockchain Forum Launch, Fintech Valley Accelerator – ICICI/Mahindra Finance and Use Case Repository.

Another significant aspect of the conference was the NASSCOM 10,000 startup program. As part of the program, NASSCOM will be setting up a 70-seater facility in Vizag to help incubate startups, mentorship and provide world class products.

Shri Chandrababu Naidu – Hon’ Chief Minister of Andhra Pradesh said, “Today, as part of the Fintech Valley Vizag initiative, we have 9 companies that have already set up and 16 companies yet to establish their bases in Vizag. Within the last one year, we have been able to attract INR 600 crore in investment. Progress is only possible through adoption of technology. Our aim is for Vizag to be the technology and education hub not only in Andhra Pradesh but for the entire country.”

In his address, the Hon’ IT Minister also stated that Andhra Pradesh is the first state in the country to pilot Blockchain in India in road transport and land registry. The government has also set up India’s largest use case-repository for global start-ups to test their solutions.

Shri Lokesh Nara – Hon’ IT Minister, Government of Andhra Pradesh said, “We are very excited to be the first state in the country to use Blockchain pilots and we are the first to create a repository. Today, we are moving from Internet of Things to Internet of Everything. As India transitions towards being a dynamic ecosystem responding well to fintech opportunities, the establishment of IIDT aims to educate the next generation of Blockchain technology users. The government of Andhra Pradesh has kept aside INR 100 crore incentivise corporates to set up in Vizag. In addition, we are speaking to several private equity firms to help us raise some more funds to promote Vizag as the fintech hub.”

Mr. J A Chowdary, Special Chief Secretary & IT Advisor to the Chief Minister – Government of Andhra Pradesh said, “The Government of Andhra Pradesh has taken a lead in the country by incorporating Fintech including Blockchain, Cybersecurity, AI/ML and Analytics, as its key strategy in FY17. Today, we are clear that Blockchain is the technology of the future. As we continue on our current roadmap we have, in the next 5 years, we want Visakhapatnam to be the next fintech capital of the world.”


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