Andhra Pradesh, one of India's fastest growing state has become an epicentre for digital disruption. The honourable
Chief Minister of Andhra Pradesh, Shri Nara Chandrababu Naidu today presided
over the signing of two significant Memoranda of Understanding (MoU) with
fintech multinationals Visa and Thomson Reuters at Mumbai. The milestone
represents another firm step by the state government designed to catapult Fintech Valley Vizag as the national
and global hub for financial technologies (fintech) innovation.
Also hosting the
event were Mr. J. A. Chowdary, Special Chief Secretary and IT Advisor to the AP
Chief Minister, Ms. Latha Ayyar, Special Representative for Innovation & IT
in the Government of AP & COO, Bharti AXA, Mr. Vijayanand, IT Secretary for
Government of AP, Mr. J Satyanarayana, UIDAI chairperson and former IT
Secretary, Mr. T.R Ramachandran, Group Country Manager, Visa India & South
Asia and Mr. Pradeep Lankapalli, Managing Director, Thomson Reuters South Asia.
The Government
of Andhra Pradesh is also hosting the first Fintech Valley Vizag Spring
Conference 2017 on March 9-10, 2017. The conference will bring together fintech
companies, start-ups, researchers and key government officials who are working
in the fintech sector, and will provide opportunities for disruptive business
solutions. With a special focus on nurturing start-ups, the Conference will
also announce the winners of the Fintech
Startup Challenge who will receive INR 15 lakh prize and free
infrastructure for six months in the Fintech Tower.
Chief
Minister Chandrababu Naidu said, “Our vision is to
create 5 lakh jobs in Andhra Pradesh by 2020 through technology-enabled
services. Fintech Valley is a playground for start-ups and innovators. Our aim
is to turn Fintech Valley into a global hub by enhancing the fintech ecosystem
with mutually beneficial cross border collaborations and relationships. This
can lead the way in the technological and financial growth of the nation.”
“These MoUs are
steps towards converting our vision to reality – of making Andhra Pradesh the
leader in fintech ecosystem – through Fintech Valley Vizag. Both these
companies, Visa and Thomson Reuters, are industry leaders in their space and we
are excited to be working with them.” added Mr. J. A. Chowdary, Special
Chief Secretary & IT Advisor to the Chief Minister, Government of Andhra
Pradesh.
Visa is a global
payments brand, technology and processing company with more than 2 billion
credit, debit and prepaid accounts provided across more than 200 countries
and territories. Consistent with the company’s global commitment to help build
more inclusive societies, the company has offered its support to the Andhra
Pradesh government.
As per the MoU
between Visa and Government of Andhra Pradesh, the parties intend to
collaborate to develop a robust digital payment ecosystem in Vizag through a
multi-level approach that targets several stakeholders. Through the promotion
of awareness campaigns and educational programmes, the MoU sets out to
encourage both merchants and consumers to accept and adopt digital payments. To
make payments more efficient for businesses, the government is taking Visa’s
support to enable digital payments for government and business segments,
including the latest technologies in Quick Response (QR) code and Near-Field
Communication (NFC). Visa will also develop a curriculum for government and
consumers, including modules to scale financial literacy. By encouraging the
use of electronic payments in the city, with a special focus to include
traditionally underserved segments, the agreement promises to make Vizag more
financially inclusive and accepting of the digital future.
TR Ramachandran,
Group Country Manager, Visa India & South Asia,
speaking on this collaboration said, “Visa welcomes the opportunity to partner
with the State Government of Andhra Pradesh on this unique and strategic
endeavor. We propose to undertake this initiative as a part of Visa’s global
financial inclusion efforts that aim to provide 500 million underserved with a
payment account by 2020. We are committed to bringing Visa’s global expertise,
innovations, and resources to make this endeavour a success. With the launch of
BharatQR, a global first of its kind low cost payment solution, we hope to
rapidly scale up the number of small merchants accepting digital payments. In
addition, we hope to implement innovative commercial payment solutions that
will accrue significant benefits to the state.”
Thomson Reuters
(TR) Corporation is a provider of news and information for a range of
professional markets. The company operates through three segments: Financial
& Risk, Legal, and Tax & Accounting. The Financial & Risk segment
is a provider of critical news, information and analytics, enabling
transactions and connecting communities of trading, investment, financial and
corporate professionals, as well as provides regulatory and operational risk
management solutions.
Commenting on
the MoU, Pradeep Lankapalli, Managing Director, Thomson Reuters South Asia said,
“The Andhra Pradesh Government’s vision of transforming Visakhapatnam as the
next fintech destination is admirable. As world’s oldest fintech company, with
150 years of financial innovation history, Thomson Reuters will serve as an
accelerator in this journey. Our Open platform technology and access to global
best practices, will provide the right enablers and expertise to the Andhra
Pradesh government as they pursue the goal of building a global fintech hub.
Fintech Valley Vizag is fast becoming
the epicentre of fintech disruption. Since the launch of Fintech Tower, the
Andhra Pradesh government has signed thirteen MoUs, of which six are with
renowned educational institutions and seven with corporations seeking to
disrupt the fintech sector.
The Chief
Minister of Andhra Pradesh has offered full support to companies, incubators,
facilitators and start-ups, inviting anyone with disruptive ideas to be a part
of Fintech Valley, on the edge of innovation. Aiding the state’s efforts to
make Vizag a global destination for fintech disruptors and innovators is KPMG,
the Knowledge Partner of the Fintech
Valley Vizag.
The IT sector in
Vizag has achieved an annual turnover of INR 2,000 crore. The city is supported
by a robust industrial base and educational infrastructure that is being
expanded with the support of innovative start-ups and firms. Additionally, it
offers peaceful solace compared to the bustling tech-hubs India otherwise
offers, to innovate the future of fintech.
About Fintech
Valley Vizag
The next wave of digital disruption
in Fintech and innovation is taking place in Fintech Valley Vizag
The Fintech
Valley brings together public and private players, state of the art incubators
and accelerators, innovation labs, mentorships, angel investors and anyone
willing to break free from traditional processes. The self-sustained global Fintech
Ecosystem provides more than just access to Fintech and its innovators; it
nurtures an oasis in which cyber security, block chain, digital education and
research thrive at international standards. The Fintech Valley was built to
equip individuals and businesses with a unique set of opportunities to grow
through enabling market access for start-ups to angel investors, and providing
world-class infrastructure, funding, human capital and innovation.
Driven by Chief Minister Nara Chandrababu Naidu’s vision to create 5 lakh jobs in Andhra Pradesh by 2020 through technology-enabled services, the recently established Fintech Valley is a playground for start-ups and innovators looking to disrupt traditional business processes. Vizag is set in the #1 ranked state for ease of doing business and boasts a strong IT industry with a turnover of Rs. 2,000 crore, supported by a robust industrial base and educational infrastructure that is continuously expanding. Fintech Valley is the destination in India to achieve unmatched business goals and successes that can compete internationally.
