Published: Tue, October 10, 2017
Worldwide | By Isabel Fisher

Vice President wants Vizag to be global fintech centre

Vice President wants Vizag to be global fintech centre

This "Fintech Valley" MoU was signed by Hon'ble Chief Minister of Andhra Pradesh, Chandrababu Naidu, and Ajay Banga, President & CEO, Mastercard in New Delhi.

Talking to reporters on the sidelines of blockchain business conference, he said the name of the company and other details will be announced after the state cabinet approves the proposal later. Aimed at driving access, awareness and adoption of digital payments, the program focuses on changing consumer behaviour to increase the adoption of digital payments that will serve as the foundation for Vizag to emerge as India's Fintech Valley. The activity covers new technologies like blockchain, big data analytics, Internet of Things (IoT), cyber security and artificial intelligence.

The minister, who had a meeting with National Stock Exchange (NSE) Chief Technology Officer (CTO) Shankerson Banerjee, said NSE also planned to set up a date centre here.

The government of Andhra Pradesh is exploring technologies like blockchain that can help solve these problems by decentralising data storage in such a way that it becomes hard to manipulate without both having the proper authority, and following proper protocols.

Broadridge Capital already operating centre of excellence at Fintech Valley. The inaugural session of the conference also saw launch of India Fintech Forum, India Blockchain Forum, Blockchain Report Aby Wipro and Blockchain Hiring Portal. The conference marks the second leg of the Fintech Valley Vizag initiative that was started with the Fintech Spring Conference in March 2017. The two companies will bring 30 startup companies each here, mentor and finance them to solve the problems. The State was building up the largest repository of use cases in the field and it would be of vast help to those working in the field. The Monetary Authority of Singapore (MAS) also plans to have an accelerator in Vizag.

The state government has been exploring a number of uses for blockchain in recent months, and in September it inked a separate partnership with startup WISekey related to identity solutions. The government hopes that it will be huge benefit in upcoming capital Amaravati.

The Indian state of Andhra Pradesh is partnering an industry startup to develop a blockchain for land registration to transparently track the ownership of property.

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