Andhra Govt expecting Rs 500 crore investments from Fintech in next 2 years

Andhra Pradesh government on October 23 said that it is expecting to receive Rs 500 crore investment from Fintech in next two years.

The state government is planning to project port city Visakhapatnam as the core for fintech companies and startups developing technologies like digital payments, blockchain, cloud, data analytics, artificial intelligence and machine learning.

The government is expecting to receive participation from another 75 companies, who will come and set up shop in the state, ensuring employment opportunities to 5,000 people.

On Tuesday, US-based Cardylytics, Federal Bank and HDFC inked a memorandum of understandings (MoUs) with the Andhra Pradesh government for setting up their operations.

Private lender Federal Bank, which will be developing digital solutions, said it will ensure employment to 600 people.

The state government has also inked MoUs with fintech accelerators and incubators from Israel and Hong Kong to help build eco-system in Visakhapatnam.

N Chandrababu Naidu, Chief Minister of Andhra Pradesh said that he wants Visakhapatnam to develop on lines of other established fintech hubs such as London, New York and San Fransico.

“We are trying to build the ecosystem necessary for fintech companies to thrive in this part of the region,” Naidu said speaking to media on sidelines of Vizag Fintech Festival 2018.Naidu said his government is ready to provide relevant data and even prepared to deploy some of the ideas and solutions developed by fintech startups in the administration.

The state government has also positioned a blockchain solution developed by Visakhapatnam based startup to protect land records of the upcoming capital Amaravati.