Vizag will be made Fintech hub, says Naidu

Andhra Pradesh Chief Minister N Chandrababu Naidu held discussions with CEOs and executives of 50 global companies, including Cognizant, Paytm, HSBC and Visa and announced that the government would set up a committee with representatives from the industry to evolve a policy to encourage investments.

By Author  |  Published: 17th Dec 2016  8:34 pmUpdated: 18th Dec 2016  3:56 pm
Chandrababu Naidu
File photo: Andhra Pradesh Chief Minister N Chandrababu Naidu.

Visakhapatnam: Andhra Pradesh Chief Minister N Chandrababu Naidu on Saturday said Visakhapatnam would be developed as one of the leading Fintech -financial technology-hubs. Addressing the gathering after inaugurating the first fintech tower in the State, he said the tower would attract the leading players to come and invest in the city.

He held discussions with CEOs and executives of 50 global companies, including Cognizant, Paytm, HSBC and Visa and announced that the government would set up a committee with representatives from the industry to evolve a policy to encourage investments. Fintech is a segment at the intersection of the financial services and technology sectors, where technology-focused start-ups and new market entrants innovate the products and services provided by the traditional financial services industry.

CII AP chapter chairman GS Shiv Kumar said the Chief Minister was keen on developing the city as Fintech hub. Paytm and four other companies launched their start-ups in the city. MoUs were also signed with the start-ups and agreement copies were handed over to HSBC and five others for spreading domain knowledge on FinTech by tying up with Andhra University, GITAM University, Gayatri Vidya Parishad College, L. Bullayya College and a few other institutes. Paytm founder and CEO Vijay Shekhar Sharma said jobs would be provided to 200 youths at the business development centre started at the Fintech Tower. Paytm would also set up another facility at Vijayawada with jobs for 100 employees.

IT Minister P Raghunadha Reddy said the Fintech tower would provide a platform for research and development of Blockchain (public ledger of digital transaction transfer). He said Paytm would initially provide jobs for 300 including 100 in Vijayawada and 5,000 youths across the State in three years from now.