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 and in focusing on Fintech Valley will be developed as an innovation valley, and as one of the best financial centers in the world. 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 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. 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.
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. 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. 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 developed on its proprietary "Digital Persona and Insights Solution" platform, HelloSoda India's solution was built on its “PROFILE” platform.
Companies in the valley
Cardlytics, ValueLabs, Blocktrust, Knolskape, Transaction Analysts, Genesys Labs and GMS, Paytm have offices in the valley. Monetary Authority of Singapore, HSBC and Broadridge are among the 10 companies who are set to provide development and resource sharing Memorandums of Understanding.