Andhra Pradesh signs MoU with VISA, Thomson Reuters to catapult Vizag Fintech Valley

MUMBAI: The Honorable Chief Minister of Andhra Pradesh, Nara Chandrababu Naidu today presided over the signing of two significant Memoranda of Understanding (MoU) with fintech multinationals Visa and Thomson Reuters at Mumbai.

According to the state government authorities, this milestone represents another firm step designed to catapult Fintech Valley Vizag as the national and global hub for financial technologies (fintech) innovation.

J A Chowdary, Special Chief Secretary and IT Advisor to the AP Chief Minister, Latha Ayyar, Special Representative for Innovation & IT in the Government of AP & COO, Bharti AXA, Vijayanand, IT Secretary for Government of AP, J Satyanarayana, UIDAI chairperson and former IT Secretary, T.R Ramachandran, Group Country Manager, Visa India & South Asia and Pradeep Lankapalli, Managing Director, Thomson Reuters South Asia were the other dignitaries at the function.

The Government of Andhra Pradesh is also hosting the first Fintech Valley Vizag Spring Conference 2017 on March 9-10, 2017. The conference will bring together fintech companies, start-ups, researchers and key government officials who are working in the fintech sector, and will provide opportunities for disruptive business solutions. With a special focus on nurturing start-ups, the Conference will also announce the winners of the Fintech Startup Challenge who will receive INR 15 lakh prize and free infrastructure for six months in the Fintech Tower.

Commenting on this development, Chief Minister Chandrababu Naidu said, “Our vision is to create 5 lakh jobs in Andhra Pradesh by 2020 through technology-enabled services. Fintech Valley is a playground for start-ups and innovators. Our aim is to turn Fintech Valley into a global hub by enhancing the fintech ecosystem with mutually beneficial cross border collaborations and relationships. This can lead the way in the technological and financial growth of the nation.”

“These MoUs are steps towards converting our vision to reality – of making Andhra Pradesh the leader in fintech ecosystem – through Fintech Valley Vizag. Both these companies, Visa and Thomson Reuters, are industry leaders in their space and we are excited to be working with them,” commented J A Chowdary, Special Chief Secretary & IT Advisor to the Chief Minister, Government of Andhra Pradesh.

As per the MoU between Visa and Government of Andhra Pradesh, the parties intend to collaborate to develop a robust digital payment ecosystem in Vizag through a multi-level approach that targets several stakeholders.

Through the promotion of awareness campaigns and educational programmes, the MoU sets out to encourage both merchants and consumers to accept and adopt digital payments.

To make payments more efficient for businesses, the government is taking Visa’s support to enable digital payments for government and business segments, including the latest technologies in Quick Response (QR) code and Near-Field Communication (NFC). Visa will also develop a curriculum for government and consumers, including modules to scale financial literacy. By encouraging the use of electronic payments in the city, with a special focus to include traditionally underserved segments, the agreement promises to make Vizag more financially inclusive and accepting of the digital future.

The Chief Minister of Andhra Pradesh has offered full support to companies, incubators, facilitators and start-ups, inviting anyone with disruptive ideas to be a part of Fintech Valley, on the edge of innovation. Aiding the state’s efforts to make Vizag a global destination for fintech disruptors and innovators is KPMG, the Knowledge Partner of the Fintech Valley Vizag.