Fintech Valley Vizag is an initiative of the
Government of Andhra Pradesh
Government of Andhra Pradesh, abbreviated as, GOAP, or, Andhra Government, is the Subnational administrative division, subnational government for the Indian state of Andhra Pradesh. It is an elected government with 175 Member of the Legislative ...
to promote business infrastructure in the state, and attract investors and multinational corporations to set up offices. Fintech Valley was founded by
N. Chandrababu Naidu then Chief Minister of the Andhra Pradesh state in December 2016 with the goal of enhancing
Visakhapatnam
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, image_caption = From top, left to right: Visakhapatnam aerial view, Vizag seaport, Simhachalam Temple, Aerial view of Rushikonda Beach, Beach road, Novotel, Novotel Visakhapatnam, INS Kursura (S20), INS ...
City as a financial technology capital in Andhra Pradesh.
Announcement
In September 2016, Chief Minister Naidu declared the Fintech Valley Project through a document titled 'Sunrise Andhra Pradesh Vision 2029' stating its objectives and the proposed state growth achievable by 2029 and in focusing on Fintech Valley will be developed as an innovation valley, and as one of the best financial centers in the world.
Visakhapatnam
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, image_caption = From top, left to right: Visakhapatnam aerial view, Vizag seaport, Simhachalam Temple, Aerial view of Rushikonda Beach, Beach road, Novotel, Novotel Visakhapatnam, INS Kursura (S20), INS ...
, also known as Vizag, was chosen as the city to host the projects of financial technology due to its size and potential for attracting investment. Endeavouring to be a “happy and globally-competitive society” by 2029, Andhra Pradesh state envisages transforming into an inclusive, accountable, and competitively innovative society. Initiating structural transformations and committing to sustain high economic growth, the Government of Andhra Pradesh placed FinTech as the epicentre of a focus to create an ecosystem of digital banking, financial analytics, cybersecurity, and blockchain (database) technology. Among the various promising initiatives taken under the auspices of FinTech Valley Vizag, the initiative pertaining to the FinTech ecosystem are the Andhra Pradesh Purse mobile wallet offering 13 mobile banking and 10 other mobile wallets for transactions.
The Government of Andhra Pradeshs' accord with the FinTech Association of Hong Kong is aimed at utilising Hong Kong's FinTech ecosystem and developing an Andhra Pradesh Hong Kong entrée for FinTech startups and knowledge transfer. It is the largest city in Andhra Pradesh with an
IT industry
Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of data . and information. IT forms part of information and communications technology (ICT). An information technology system ( ...
whose turnover is Rs. 2,000 crore and an established industrial base. The objective was set to build into a thriving Finance & Technology ecosystem.
Infrastructure
![Incu](https://upload.wikimedia.org/wikipedia/commons/4/4f/Incu.jpg)
To support start-up organizations, the government will provide infrastructure and market access to facilitate
Proof of concept
Proof of concept (POC or PoC), also known as proof of principle, is a realization of a certain method or idea in order to demonstrate its feasibility, or a demonstration in principle with the aim of verifying that some concept or theory has prac ...
(PoC) of the start-up organizations.
* A purpose-built and government supported facility to provide infrastructure facilities at subsidized rates
* A 40-acre IT park in
Rushikonda
Rushikonda is a neighbourhood situated on Visakhapatnam and Bheemili road. Visakhapatnam Metropolitan Region Development Authority undertakes the development activities related to infrastructure and tourism.
Transport
;APSRTC routes
See ...
, Vizag
* A proposed 600 acre IT park at
Kapuluppada
* Development of Mega IT hub at
Madhurawada
Madhurawada is a major business and residential area of Visakhapatnam in the state of Andhra Pradesh. It is located on the Visakhapatnam-Vizianagaram stretch of National Highway 16 around 16 km from the city center of Visakhapatnam.
This region ...
with infrastructure facilities
Building the Fintech Ecosystem
*
AP FIBERNET - Connect all
Gram Panchayats
Gram Panchayat () is a basic village-governing institute in Indian villages. It is a democratic structure at the grass-roots level in India. It is a political institute, acting as cabinet of the village. The Gram Sabha work as the general bod ...
and provide high-speed
internet connection
Internet access is the ability of individuals and organizations to connect to the Internet using computer terminals, computers, and other devices; and to access services such as email and the World Wide Web. Internet access is sold by Internet ...
to all households as well as a 1 Gbit/s connection to businesses
* Andhra Pradesh - Purse: A mobile wallet encompassing 13 mobile banking and 10 other mobile wallets available to use for transactions
* Digital financial literacy: Introduce ''Marpu Nestam'', an incentives based program to setup agents who educate people on digital financial literacy
*Real time governance: To make administration more efficient and responsive
* Chief Minister's Dashboard: Effective monitoring of key performance indicators of state government departments
* E-Pragathi: E-governance through digitization of all government projects including education, agriculture and health
Finteract
Fintech Valley Vizag launched 'Finteract', a platform to engage with the startup community during the Spring Conference 2017. Technology start-ups Blueocean Market Intelligence and HelloSoda India emerged as the winners of the Capital Markets segment of the Fintech Start-up Challenge 2017. The participating start-ups were invited to take up
Angel Broking
Angel One Limited, formerly known as Angel Broking Limited, is an Indian stockbroker firm established in 1996. The company is a member of the Bombay Stock Exchange, National Stock Exchange of India, NCDEX, National Commodity & Derivatives Ex ...
's stated challenge of “Real-Time Social Profiling of Customers”. Blue Ocean Market Intelligence presented its solution developed on its proprietary ''"Digital Persona and Insights Solution"'' platform, HelloSoda India's solution was built on its ''“PROFILE”'' platform.
Companies in the valley
Cardlytics, ValueLabs, Blocktrust, Knolskape, Transaction Analysts, Genesys Labs and GMS,
Paytm
Paytm (acronym for "pay through mobile") is an Indian digital payments and financial services company, based in Noida. It was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to co ...
have offices in the valley.
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well ...
, HSBC and Broadridge are among the 10 companies who are set to provide development and resource sharing
Memorandums of Understanding (MoUs).
References
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Technology in society
Science and technology in Visakhapatnam
Uttarandhra
2016 establishments in Andhra Pradesh