The state government has announced that Visakhapatnam will be developed into a FinTech Valley (financial technology). Roadshows will be held in US, Middle East and Europe to attract investors and partners who are leading the fields of FinTech.
The state government previously involved Singapore in promoting FinTech in the city and its successful response has inspired the CM to undertake more overseas trips. Chandrababu Naidu and members of CII plan to showcase the investment potential of Visakhapatnam that has an IT turnover of Rs 2000 crore and a strong industrial base.
A MoU has been signed with the Monetary Authority of Singapore (MAS) for exploring projects of mutual interest. Innovative technologies like digital payments and Blockchain technology will be explored in the educational programmes and curriculum of FinTech. The MAS will work with the state government on emerging FinTech trends and addressing regulations. Delegations have been previously sent to Boston and Silicon Valley to pitch the proposed FinTech Valley.
MoUs will soon be signed for introduction of courses in Andhra University, GITAM, Gayatri Vidya Parishad and other colleges. On December 12, an IBM team will visit Vijayawada to give a presentation on Blockchain applications. It is expected that banks and insurance companies will move towards creating permanent digitalised ledgers now. A digital university will also be set up on the lines of ISB-Hyderabad in Tirupati. The agenda for the upcoming CII Partnership Summit will be attracting investors for the proposed FinTech Valley.