Andhra to get another Fintech firm, 5,000 jobs

South India

VISAKHAPATNAM : A major Fintech company will set up its operations in this coastal city of Andhra Pradesh, creating 5,000 high-end jobs, state Information Technology Minister Nara Lokesh said on Tuesday. Talking to reporters on the sidelines of blockchain business conference, he said the name of the company and other details will be announced after the state cabinet approves the proposal later.

This will be in addition to 5,000 jobs to be created by Conduent Inc, a US-based business process services company, which will set up a global development centre and Business Process Outsourcing centre here.

Conduent on Monday signed the MoU with the state government.

Lokesh said as part of the efforts to create the entire ecosystem for blockchain technology, the Fintech Valley Vizag will rope in regulators like Reserve Bank of India and the Securities and Exchange Board of India. The government will also prepare a policy for using the new technology.

The minister , who had a meeting with National Stock Exchange (NSE) Chief Technology Officer (CTO) Shankerson Banerjee, said NSE also planned to set up a date centre here.

Broadridge Capital already operating centre of excellence at Fintech Valley. Wipro is also keen to have its presence.

Lokesh said they were in talks with 19 blockchain companies to attract them to Fintech Valley. In addition to this, six companies which won the awards at the conference, said they will set up their operations.

Andhra Pradesh's Advisor, Information Technology, J. A. Chowdary said Fintech and blockchain accelerators would also bring 30 stratup companies each to work on the use cases. He said 20 companies which had partnered with the state government in Fintech Valley will set up accelerators. 

The partners have helped Fintech Valley in creating country's largest repository of use cases in blockchain technology.

ICICI and Mahindra Finance launched their accelerators on Monday. The Monetary Authority of Singapore (MAS) also plans to have an accelerator in Vizag.

The state government has also partnered with Swedish start-up ChromaWay to build its blockchain-based solution for land registration.

Andhra Pradesh is doing the pilot projects by using blockchain technology in land records and transport. Lokesh said 5-6 companies which did the case study made presentations before him.

He believes the new technology would help the government protect its IT assets. The blockchain solution will be helpful in land records, which are prone to tampering. The government hopes that it will be immense benefit in upcoming capital Amaravati.

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