Incubator to set up in Vizag by the Singapore FinTech major

Singapore’s Lattice80 which is considered as one of the largest FinTech hubs in the world has recently signed a MoU with the Andhra Pradesh government to set up an incubator in Visakhapatnam, Andhra Pradesh. Special Chief Secretary and IT Advisor to Chief Minister J.A. Chowdary and Marvelstone Group Founder Chairman Joe Cho exchanged the MoU copies here at the first day of two-day Financial Technology Spring Conference being organised by Vizag FinTech Valley. Mr. Chowdary said that the government had created Vizag Financial Technology Valley as an independent entity to make it a prominent FinTech hub and also exclaimed that the MoU was the right initiative to put Visakhapatnam on the world Financial Technology map.

He added that they had decided to hold two major events — a global FinTech start-up summit on October 9 and 10 in the city and another event on February 19 and 20 in 2018. At the latter event, $1 million challenge for global companies and Rs. 1 crore challenge for the Indian companies in this sector are planned.

Srinivasa Moorthy, CEO of AP Electronics and IT Agency, an autonomous body formed by the government to promote sector-specific investments said, “Lattice80 will not only start the incubator at Sunrise Incubation Hub but also agreed to offer their expertise in introducing various courses in FinTech by the educational institutions”.

Mr. Chowdary told that almost 150 companies [several of them from abroad] were participating in the FinTech challenge being organised as part of the Spring Conference. Prize money of Rs. 15 lakh is offered to the best entries offering solutions. They will also be provided free space for six months and mentoring at Financial Technology Tower in the city. Fifteen MoUs would be signed by the AP Government involving several companies from within the country and abroad for FinTech promotion.

Aki Ranin, CEO of Bambu – a B2B robo advisory startup based in Singapore, said, “We are very excited over our maiden visit to Visakhapatnam. It is a very clean and beautiful city and we are confident that the city has the potential to become a fintech hub”.