Visakhapatnam: A memorandum of understanding (MoU) was signed by the Andhra Pradesh Government with Singapore-based FinTech major, LATTICE 80, for setting up of a fintech incubation centre in the city here.
The MoU was inked at the two-day Fintech Startup Challenge which began here on Thursday.
Special Adviser to the AP Chief Minister on ITJA Chowdary, speaking on the occasion, noted that the AP Government was not merely trying to create the right eco system for promoting fintech in the State, but also aimed to develop a whole fintech culture. “It wants to conduct a series of events to promote fintech in the city and the State.
LATTICE 80 will help the Government in the endeavour,” he said.
Also, two mega events are planned for the city. A major conference on October 9 and 10 on blockchain technology and another mega event on February 19 and 20 in 2018 would be held. The latter would see one-million dollar challenge for global companies and one-crore rupee challenge for the Indian companies in the fintech sector.
Mr. Chowdary was glad that 150 startups, several of them from abroad, were participating in the FinTech Startup Challenge. A 20-member Singapore team arrived here and two more teams from Switzerland and Japan are also participating in the event.
He said that 15 more MoUs were being signed by the AP Government with different fintech companies to launch operations in the State. “We have already signed pacts with Visa, Thomson Reuters and other major companies to launch operations in the Fintech Valley here. PayTM has already started operations,” he added.
Joe Senughyun Cho, the CEO of LATTICE 80, said the AP Government had rightly identified fintech as the most promising area and his company was happy to partner with AP Government in developing Vizag as a major fintech hub.