Two day FinTech conclave is to be held in Vizag from March 9 to attract leading start-ups. The central idea of the conclave is to throw a challenge for innovation in association with leading partners in financial services sector in areas such as banking, insurance and capital markets. This challenge will host startups and out-of-line businesses with the top three entries in each area receiving prize money worth Rs 5 lakh each to take their operations forward.
The port city is being developed as FinTech valley which will host several businesses looking forward to expand their FinTech capabilities from startups to established corporations.
Reportedly, J A Chowdary, special chief secretary and IT advisor to AP chief minister said, “The FinTech Valley will act as a facilitator for innovators to disrupt traditional processes with new, more efficient, economically beneficial technologies that will change the way India does business.”
The FinTech Tower inaugurated in recent past in the city is already housing several start-ups such as Value Labs, Blocktrust, Knolscape and GMS. Also companies including Monetary Authority of Singapore (MAS), HSBC and Broadridge are committed to help AP create a liberal and simple business environment where scope for FinTech falls.
AP government is offering full support to the companies, incubators, facilitators and start-up inviting anyone with disruptive ideas to be part of FinTech Valley.
Apart from this, the state government is also providing free infrastructure for six months, high internet connectivity and preferential market access to facilitate POCs of the startups. Also the fund strategy and alternate payment options are being discussed.
The Chief Minister along with the global thought leaders from the FinTech Space is supposed to form an advisory council to handle funds and map out intricacies.