>BrownHairedGirl at 01:58, 28 March 2021

2021-03-28T01:58:24Z

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{{Use dmy dates|date=November 2018}}
{{Use Indian English|date=November 2018}}
{{Infobox company
| name = Fintech Valley Vizag
| logo_size =
| image = {{photomontage
|photo1a =
|photo2a = Rushikonda hill during sunset from beach.jpg
|photo2b = Rushikonda beach view 001.jpg
|photo3a =
|spacing = 1
|size = 280
|color = white
}}
| industry = [[Financial Technology]] [[Artificial Intelligence]] [[Blockchain | Blockchain Security]] [[Information Technology]] [[Biopharmaceutical]]
| founded = {{Start date and age|2016|12|17|df=yes/no}}
| hq_location_city = [[Visakhapatnam, Andhra Pradesh]]
| area_served = [[Rushikonda]] [[Kapuluppada]] [[Madhurawada]]
| key_people = [[J A Chowdary]]
| website = https://vizagfintechfestival.com
| location_country = [[India]]
}}
'''Fintech Valley Vizag''' is an initiative of the [[Government of Andhra Pradesh]] to promote business infrastructure in the state, and attract investors and multinational corporations to set up offices. Fintech Valley was founded by [[N. Chandrababu Naidu]] then Chief Minister of the Andhra Pradesh state in December 2016<ref>{{Cite web|url=https://www.thestatesman.com/cities/vizag-will-be-innovation-it-hub-naidu-1502700026.html|title=Vizag will be innovation, IT hub: Naidu|date=2018-10-24|website=The Statesman|language=en-US|access-date=2020-04-02}}</ref> with the goal of enhancing [[Visakhapatnam]] City as a financial technology capital in Andhra Pradesh.<ref>{{Cite web|url=https://www.theweek.in/content/archival/news/biz-tech/new-it-initiatives-vizag-technology-map.html|title=New IT initiatives to put Vizag on technology map|website=theweek.in|access-date=2020-04-02}}</ref><ref>{{Cite web|url=https://telanganatoday.com/vizag-may-soon-emerge-as-hub-of-new-age-technologies|title=Vizag may soon emerge as hub of new age technologies|last=AuthorIANS|website=Telangana Today|language=en-US|access-date=2020-04-02}}</ref>

== Announcement ==
[[File:Fintechvallevy vizag logo.png|alt=logo of Fintechvalley vizag|left|thumb|logo Fintech valley Vizag]]
In September 2016, Chief Minister Naidu declared the Fintech Valley Project through a document titled 'Sunrise Andhra Pradesh Vision 2029' stating its objectives and the proposed state growth achievable by 2029<ref>{{cite web|url=http://www.deccanchronicle.com/nation/current-affairs/280916/chandrababu-naidu-releases-draft-of-sunrise-ap-vision-2029-document.html|title=Chandrababu Naidu releases draft of 'Sunrise AP Vision 2029' document|date=28 September 2016|publisher=Deccan Chronicle}}</ref> and in focusing on Fintech Valley will be developed as an innovation valley, and as one of the best financial centers in the world.<ref>{{Cite web|url=https://www.thehindubusinessline.com/info-tech/vizag-will-be-developed-as-one-of-top-3-fintech-destinations-ap-cm/article25296844.ece|title=Vizag will be developed as one of top 3 fintech destinations : AP CM|last=Bureau|first=Our|website=@businessline|language=en|access-date=2020-03-06}}</ref>

[[Visakhapatnam]], also known as Vizag, was chosen as the city to host the projects of financial technology due to its size and potential for attracting investment. Endeavouring to be a “happy and globally-competitive society” by 2029, Andhra Pradesh state envisages transforming into an inclusive, accountable, and competitively innovative society. Initiating structural transformations and committing to sustain high economic growth, the Government of Andhra Pradesh placed FinTech as the epicentre of a focus to create an ecosystem of digital banking, financial analytics, cybersecurity, and blockchain (database) technology. Among the various promising initiatives taken under the auspices of FinTech Valley Vizag, the initiative pertaining to the FinTech ecosystem are the Andhra Pradesh Purse mobile wallet offering 13 mobile banking and 10 other mobile wallets for transactions.<ref>{{Cite web|url=https://analyticsindiamag.com/how-andhra-pradesh-is-emerging-as-indias-blockchain-hub/|title=How Andhra Pradesh Is Emerging As India’s Blockchain Hub|last=Sinha|first=Smita|date=2018-03-17|website=Analytics India Magazine|language=en-US|access-date=2020-04-02}}</ref>

The Government of Andhra Pradeshs' accord with the FinTech Association of Hong Kong is aimed at utilising Hong Kong's FinTech ecosystem and developing an Andhra Pradesh Hong Kong entrée for FinTech startups and knowledge transfer. It is the largest city in Andhra Pradesh with an [[IT industry]] whose turnover is Rs. 2,000 crore and an established industrial base. The objective was set to build into a thriving Finance & Technology ecosystem.<ref>{{Cite news|last=IANS|url=https://www.business-standard.com/article/news-ians/andhra-to-develop-vizag-as-fintech-hub-signs-mou-with-visa-117022201267_1.html|title=Andhra to develop Vizag as Fintech hub, signs MoU with Visa|date=2017-02-22|work=Business Standard India|access-date=2020-03-06}}</ref><ref>{{Cite news|last=Patnaik|first=Santosh|url=https://www.thehindu.com/news/national/andhra-pradesh/Vizag-to-be-made-a-FinTech-Valley/article16763151.ece|title=Vizag to be made a FinTech Valley|date=2016-12-05|work=The Hindu|access-date=2020-03-06|language=en-IN|issn=0971-751X}}</ref>

== Infrastructure ==
[[File:Incu.jpg|alt=Incubation Centre Vizag|thumb|Sunrise Towers (Incubation Centre) at startup village Rushikonda, Vizag inaugurated by [[N. Chandrababu Naidu]] in 2015]]
To support start-up organizations, the government will provide infrastructure and market access to facilitate [[Proof of concept]] (PoC) of the start-up organizations.<ref>{{cite web|url=http://www.newindianexpress.com/states/andhra-pradesh/2017/jan/26/vizag-to-play-host-to-fintech-conclave-from-march-9-1563717.html|title=Vizag to play host to FinTech conclave from March 9|date=26 January 2017|publisher=New Indian Express}}</ref>

* A purpose-built and government supported facility to provide infrastructure facilities at subsidized rates
* A 40-acre IT park in [[Rushikonda]], Vizag
* A proposed 600 acre IT park at [[Kapuluppada]]
* Development of Mega IT hub at [[Madhurawada]] with infrastructure facilities

== Building the Fintech Ecosystem ==

*[[Andhra Pradesh State FiberNet Limited|AP FIBERNET]] - Connect all [[Gram Panchayats]] and provide high-speed [[internet connection]] to all households as well as a 1 Gbit/s connection to businesses
* Andhra Pradesh - Purse: A mobile wallet encompassing 13 mobile banking and 10 other mobile wallets available to use for transactions
* Digital financial literacy: Introduce ''Marpu Nestam'', an incentives based program to setup agents who educate people on digital financial literacy
*Real time governance: To make administration more efficient and responsive
* Chief Minister's Dashboard: Effective monitoring of key performance indicators of state government departments
* E-Pragathi: E-governance through digitization of all government projects including education, agriculture and health

== Finteract ==
Fintech Valley Vizag launched 'Finteract', a platform to engage with the startup community during the Spring Conference 2017.<ref>{{cite news|url=http://bwdisrupt.businessworld.in/article/Fintech-Valley-Vizag-Launches-Finteract-A-Platform-to-Engage-Startup-Community-/14-03-2017-114316/#gist|title=Fintech Valley Vizag Launches 'Finteract' - A Platform to Engage Startup Community|date=14 March 2017|access-date=14 March 2017|publisher=BW Disrupt}}</ref> Technology start-ups Blueocean Market Intelligence and HelloSoda India emerged as the winners of the Capital Markets segment of the Fintech Start-up Challenge 2017.<ref>{{Cite web|url=https://www.thehindubusinessline.com/business-wire/start-ups-blue-ocean-market-intelligence-and-hellosoda-india-win-angel-brokings-fintech-challenge/article21939369.ece|title=Start-ups - Blue Ocean Market Intelligence and HelloSoda India win Angel Broking's Fintech Challenge|website=@businessline|language=en|access-date=2019-05-28}}</ref> The participating start-ups were invited to take up [[Angel Broking]]'s stated challenge of “Real-Time Social Profiling of Customers”. Blue Ocean Market Intelligence presented its solution{{buzzword inline|date=March 2020}} developed on its proprietary ''"Digital Persona and Insights Solution"'' platform, HelloSoda India's solution{{buzzword inline|date=March 2020}} was built on its ''“PROFILE”'' platform.{{citation needed|date=March 2020}}

== Companies in the valley ==
Cardlytics, ValueLabs, Blocktrust, Knolskape, Transaction Analysts, Genesys Labs and GMS, [[Paytm]] have offices in the valley.<ref>{{Cite web|url=https://www.yovizag.com/fintech-it-companies-visakhapatnam-news/|title=Lycos and Kissht to start operating from Vizag|date=2017-10-23|website=Yo Vizag|language=en-US|access-date=2020-03-04}}</ref>

[[Monetary Authority of Singapore]], HSBC and Broadridge are among the 10 companies who are set to provide development and resource sharing [[Memorandum of Understanding|Memorandums of Understanding]] (MoUs).<ref>{{cite web|url=http://www.business-standard.com/article/economy-policy/foundation-for-tech-valley-six-fintech-companies-to-launch-development-centers-in-vizag-116121600866_1.html|title=Foundation for tech valley: Six fintech companies to launch development centers in Vizag|date=16 December 2016|publisher=Business standard}}</ref>

== References ==
{{reflist}}

{{Visakhapatnam}}
{{Coord|17.808041|N|83.388080|E|display=title}}

[[Category:Technology in society]]
[[Category:Science and technology in Visakhapatnam]]
[[Category:Uttarandhra]]
[[Category:2016 establishments in Andhra Pradesh]]

Fintech Valley Vizag - Revision history

>BrownHairedGirl at 01:58, 28 March 2021