VISAKHAPATNAM: To attract top FinTech startups, the state government is organising a two-day FinTech conclave in Vizag from March 9.
Among the highlights of the conclave is that the event will throw a challenge for innovation, in association with leading partners in the financial services sector in areas of banking, insurance and capital markets.
The challenge will host startups and disruptive businesses, with the top three entries in each area receiving `5 lakh prize money to take their operations forward.
“The FinTech Valley, Visakhapatnam, is being developed as a self-sustained global ecosystem which will host a plethora of businesses who are looking to expand their FinTech capabilities from start-ups to established corporations.
The network formed between the institutions, corporations and start-ups is one that the government is committed to nurture, where start-ups will act as enablers, while established businesses as advisors,” said JA Chowdary, special chief secretary and IT advisor to Chief Minister N Chandrababu Naidu. The FinTech Valley would act as a facilitator for information flow, a playground for innovators to look beyond the traditional processes with new, more efficient, economically beneficial technologies that would change the way of doing business traditionally, Chowdary said.
Witnessing a rare convergence of government and innovation, the government has been offering full support to companies, incubators, facilitators and start-ups, inviting anyone with disruptive ideas to be a part of FinTech Valley on the edge of innovation, he added.
To support start-ups, the government has been providing free infrastructure for six months, free fibre (high speed Internet) connectivity and preferential market access to facilitate PoCs of the startups.
Also, the funds, strategy and alternate payments options were being discussed and are expected to be on the books soon.
An Advisory Council, comprising leaders from the FinTech space and headed by chief minister, is being planned to handle funds and map out intricacies, Chowdary added.