AP Signs Pacts for Fintech Ecosystem in Vizag
The Andhra Pradesh government entered into contracts with quite a few global groups and firms as part of its endeavours to build a comprehensive ecosystem of financial technologies at Fintech Valley Vizag.
Several divisions of the AP government signed agreements with HDFC Bank, Whub of Hong Kong, Fintech Association of Hong Kong, SOSA of Israel, Singex, Wadhwani Foundation, Bizoforce and Udayam Association on the first day of the Vizag Fintech Festival.
At the inauguration of the five day event, Chief Minister N Chandrababu Naidu proclaimed the launch of the Vizag operations of Cardlytics, DXC, First American Corporation and Federal Bank.
To stimulate infrastructure for financial technologies, and draw investors and multinational companies in the segment to set up offices in the state, Fintech Valley Vizag, an Andhra Pradesh government enterprise, was launched in December 2016.
The contract with HDFC Bank is to encourage the Fintech Valley among start-ups in the bank’s grid, simplify banking necessities of the start-ups there, promote HDFC banking products with other government sectors, and work in partnership for a Fintech Valley Accelerator programme.
The partnership with Whub is to set up an international base in Hong Kong for start-ups from AP to magnify operations, increaseawareness and acquire market prospects, and gain the advantage of the investor ecosystem of Hong Kong.
The state government wishes to create landing pads in Israel and New York City as well with SOSA. The association will provide AP-based start-ups and other corporations admission to the SOSA innovation network, get linked to business openings and profit from custom-made business development assistance.
While the agreement with Singex supportsintroducing innovation festivals in AP, the alliance with the Wadhwani Foundation is intendedtoencouragingentrepreneurship, novelty and start-ups in the state. The arrangement with the FinTech Association of Hong Kong Collaboration is directed at using Hong Kong’s Fintech ecosystem and erecting an AP-HK doorway for Fintech start-ups and information exchange.