Vishakhapatnam to be developed as fintech hub

In a move to make Visakhapatnam a top financial technology or fintech hub of the world, Andhra Pradesh government will invest around Rs 500 crore to set up such companies in the next one year.

“We will develop Visakhapatnam as an innovation valley and one of the top three fintech centres in the world. The state government will invest around Rs 500 crore in fintech firms in the next one year in which we will be able to provide more than 50,000 jobs for the youth across the state and country,” chief minister Chandrababu Naidu said on Tuesday at the sideline of an event here.

Besides, we will rope in over 75 fintech start-up firms and 6 big companies in the proposed project which will create the right kind of ecosystem for fintech development in the city and to incentivise entrepreneurs in the field,” he added.

The chief minister also said that various measures are being taken by his government to promote IT, ITeS, particularly blockchain technology for the development of the state.