Fintech Valley Vizag

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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. The project was launched in December 2016.

Video Fintech Valley Vizag

Announcement

In September 2016, the Chief Minister of Andhra Pradesh N. Chandrababu Naidu announced the project through a document titled 'Sunrise Andhra Pradesh Vision 2029' stating its objectives and the proposed growth achievable through this initiative for the state by 2029.

Visakhapatnam, also known as Vizag, was chosen as the city to host the project due to its size and the potential for attracting investment. 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.

Maps Fintech Valley Vizag

Initiatives

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

src: www.fintechvalleyvizag.com

Roles in the Ecosystem

Global financial services companies, government and academia will be encouraged to come together and build capacity, infrastructure, market access, connectivity, funding channels, and incentive mechanisms that will help them achieve their business goals. Start-ups, financial Institutions, technology vendors, incubators / accelerators / innovation labs, and investors simultaneously would be also be encouraged to contribute to the ecosystem.

Start-ups - Nimble and innovative start-ups enable a new approach towards traditional financial services
Incubators, accelerators & innovation labs - Offering a means for established corporate partners to engage and assist young companies meet their potential.
Tech vendors - Technology services support the integration of financial services with software solutions and services
Investors - Venture capital firms, high networth individuals seek to invest in the Fintech start-up ideas
Industry - Corporates considering to leverage Fintech as an integral part of their growth or transformation strategy
Government - Andhra Pradesh Government provides necessary support to foster growth and provide use cases for implementation
Universities & Research Institutions - Institutes support the Fintech community by mentoring and assisting early stage companies and producing more talented workforce

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Infrastructure

To support start-up organizations, the government will provide infrastructure and market access to facilitate PoCs of the start-up organizations.

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