The State government is taking all steps to promote the Fintech Valley in Visakhapatnam “aggressively.”
This will provide business opportunities on 80:20 basis, and make it a pre-condition for the participation in a $1- million global challenge award, according to IT adviser to State government and Special Chief Secretary JA Chowdary.
Addressing the media here on Monday, he said business plan competitions and road shows would be conducted all over the world in September to attract start-ups in the sector to the Fintech Valley.
“The growth- stage companies will come here only if we make it attractive for them. They may have 80 per cent of business elsewhere but they will be asked to set up 20 per cent of it here to be eligible to participate in the competition,” Chowdary said.
Eighteen small start-ups have already started operations in the Valley, but the idea behind the competition is to attract big growth-stage companies in the next one year, he added.
Until now Fintech Valley was focussing on blockchain technology, cyber security, artificial intelligence and data sciences. But now, it will focus on GovernTech, InsureTech, Agri and HealthTech and e-commerce.
Franklin Templeton, Conduent and PaytM and blockchain technology companies have already come to Andhra Pradesh, he said. The State turned out to be a big destination because the government was converting digital assets into blockchain technology to ensure security of land record, e-office, transport, and education. He said the State had already allocated ₹100 crore as innovation fund and with the participation of limited partners, the government wanted to raise it to ₹500 crore.
Under ‘Look for Employment in Andhra Pradesh’ (LEAP), companies which had no presence in Andhra Pradesh recruited 10,000 youth in the last five months and in the next one year one lakh jobs will be created, he added.