Andhra Pradesh government’s FinTech Valley Vizag, a sustainable global fintech ecosystem, has partnered with KPMG to develop a high potential fintech ecosystem in Vizag. With this partnership, the FinTech Valley Vizag has also announced the launch of the BFSI Use Case Repository Program and Fintech Accelerator Programme. They have also announced a Blockchain Business Conference to be held in October 2017.
Talking about the program, Lokesh Nara – IT Minister, Panchayati Raj and Rural Development in the Andhra Pradesh Cabinet said, “Under the visionary leadership of the esteemed CM Shri Nara Chandrababu Naidu, Andhra Pradesh is on a fast track to go digital and provide the impetus for Fintech community. With a potential of 50 Mn fintech users in the state, the government is enabling market access through PSUs, Banks and Financial Institutions and promoting self-help platforms with fintech solutions.
Set up in 2016, the Fintech Valley Vizag aims to bring together industry, academia, and investors to innovate and build the fintech ecosystem. It is a self-sustainable, global fintech ecosystem. It focuses on converging finance and technology, to create large avenues of growth through industry-enablers, world-class infrastructure, entrepreneurship and innovation.
In order to establish Andhra Pradesh as a global hub for fintech innovation, Fintech Valley Vizag has outlined a series of initiatives such as formulating use case repository, setting up accelerator programmes, etc.
BFSI Use Case Repository Programme
The government is focussing on co-creating innovative solutions to address the evolving needs of the financial services landscape. The ‘BFSI Use Case Repository’ is in collaboration with market leading banks, insurance companies, NBFCs, and capital markets companies. They have collated more than 100 use cases around the problem areas in the industry.
To operationalise the same, Andhra Pradesh Electronics & IT Agency (APEITA) is launching Hackathon and Innovation Challenge for the fintech community. The startups will present their ideas and solutions around the identified use cases.