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

N Chandra Babu Naidu
Andhra Pradesh government on October 23 said that it is expecting to receive Rs 500 crore investment from Fintech in next two years.
N Chandra Babu NaiduThe 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.
"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.