150 fintech companies from all across the country and 15 other countries will participate in the Fintech Startup Challenge – 2017 that will be organised here on March 9 & 10. A 20 member delegation from Monetary Authority of Singapore (MAS) will be received by the AP Electronics and IT Agency – an autonomous body formed by the AP government.
KPMG has been appointed by the government as the consultant responsible for transforming the city into a Fintech Hub. The solutions registered by the startups will be a mix of matured product solutions and innovative prototypes. The state government has teamed up with banking and financial institutions like ICICI Bank, ICICI Lombard, HDFC Life, Bharti AXA Life and Angel Broking for launching the AP Fintech Valley Startup Challenge – 2017.
The challenge is Chief Minister N Chandrababu Naidu’s brainchild in an effort to turn Visakhapatnam into a national and global hub for fintech. The challenge is open to startups, entrepreneurs, innovators and developers around the globe. The objective of the challenge is to get the best minds across the globe to associate with AP Fintech Valley. They want to set a platform to create a self-sustainable fintech ecosystem in the city. The focus will remain on creating a convergence of finance and technology for the creation of large avenues of growth.
Winners will be awarded a total of Rs 15 lakh ranging across banking, capital markets and insurance categories, with Rs 5 lakh for each winner. The winner from each category will also be given the opportunity to open a development centre in Visakhapatnam.