Initiatives for fintech start-ups announced at the International Blockchain Conference 2017 in Visakhapatnam

Initiatives for fintech start-ups announced at the International Blockchain Conference 2017 in Visakhapatnam

Posted by Vivek Nama on October 10th 2017

The Chief Minister of Andhra Pradesh ,Mr .N. Chandrababu Naidu inaugurated a two-day International Blockchain Conference in Visakhapatnam yesterday. The conference which aims to trigger startups, corporates, local and global investors & also make the port city of Vizag the next destination for fintech ecosystem in India.

Recognising the importance of blockchain technology the Chief Minister announced that the state government will soon deploy blockchain technology in road transport and land registries, as part of its e-governance policy.

Initiatives announced at the Conference
Establishing the Fintech Valley at Vizag as the future Fintech Capital in India.

Recognising the lack of R&D centres based on blockchain platform, a Blockchain COEs (Centre Of Excellence) by Broadridge,Thomson Reuters & GITAM University was inaugurated by the Chief Minister.
Also launched was the Blockchain Report – Wipro, a blockchain hiring portal, India blockchain forum and the Fintech Valley accelerator by ICICI/Mahindra Finance and Use Case Repository.
The accelerators launched by ICICI Bank and Mahindra Finance at Fintech Valley will commit to incubate 30 tech startups in next two years.
The $6.6 Bn company US-based fintech company Conduent will create 5000 jobs in the state, out of which 2000 jobs will be in core fintech R&D.
The Andhra government has also partnered with NASSCOM, banks like SBI, ICICI and Mahindra Finance to help incubate startups and mentor them to guide to the success.
The state was building up the largest repository of use cases in the field and it would be of immense help to those working in the field.
The Chief Minister along with the IT Minister also held a round table meeting with fintech entrepreneurs.
The state government has announced a partnership with US-headquartered fintech MNC Visa Inc to create cashless or less cash economy in Andhra Pradesh. This will be implemented in Vizag first, as part of pilot project. In the phase one, the cashless and app-based transaction that uses Bharat QR codes will be introduced to pay electricity bill, buy LPG cylinders, and ticket fares in buses.
The state government aims to partner with Gates Foundation while implementing IT and IoT in agriculture & Bill Gates might be visiting the state later in this year.
The A.P.government has taken a lead in the country by incorporating Fintech including blockchain, cybersecurity, AI/ML and analytics, as its key strategy in FY17.
To make Visakhapatnam the next fintech capital of the world in the next five years.
Along with IoT and AI, blockchain technology holds huge potential in India & the AP govt will be a major ecosystem enabler in the country to help start-ups to reach the global arena.(Source Inc42)


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