The Govt of Andhra Pradesh has allocated $75 million for a fintech fund, which aims to promote employment, financial technology and fintech startups in the newly created startup state of India. The coastal city of Vizag, which is fast emerging as a hub for fintech in the Indian subcontinent wil soon be home to Lattice80, a fintech hub based in Singapore. The AP Govt has signed an MOU with Marvelstone, the PE group which funds Lattice80 to start a fintech hub in Vizag. This shall be in line with the Govt’s policy to work and collaborate with more fintech startup’s to provide better governance and services to investors and citizens.
Indian Govt officials believe that the protectionist policies and visa curbs in the west will prompt fintech majors and investors to look east to meet all their tech requirements. India is said to have one of the most conducive environment to innovate and to do business. The AP Govt has signed MOUs with global coorporations to start academies in fintech sectors like blockchain, analytics and security. Their goal is to bring together the Govt, corporates and academia in order to build a sate of the art fintech system.
As a part of this arrangement more than a 1000 professionals will be trained in fintech applications like big data, mobile payments and blockchain. The center in Vizag shall be ready by the 3rd quarter of 2017.