In what could be a shot in the arm for Andhra Pradesh to be as a gateway for digitisation of India, as many as 40 global startups selected for participation in the finale of $1 Million Fintech Challenge instituted by State government have agreed to launch their operations in Fintech Valley in the city.
While 25 companies, which have been short-listed to participate from amongst hundreds of participants in the roadshows conducted recently in Bengaluru, Hong Kong, Chicago, New York, San Francisco, London, Paris and Tel Aviv, will be get $10,000 each to meet their expenses in addition to $150,000 to the winner and $100,000 to the runners-up, the remaining 15 agreed to mop up their own funds to attend the grand finale scheduled to be held here from October 25.
The challenge is part of Vizag Fintech Festival being conducted by Fintech Valley in association with SingEx, Singapore. Fintech Valley Vizag is an initiative by the State government to create a sustainable ecosystem for fintech firms.
More than 1,000 applications were received from across the globe. After careful screening by panel of experts, 180 plus global startups had pitched their ideas . They will showcase their innovations at the ‘Demo Day’ to be organised as part of the fintech fest.
“The startups have been selected on the basis of their business model, IP, team and willingness to set up their office in the city after the festival. The five-day festival will begin on October 22,” Special Chief Secretary and IT Advisor J.A. Chowdary told the media here on Wednesday.
Humanoid robot
Chief Minister N. Chandrababu Naidu will inaugurate the festival on October 22. World’s first humanoid robot Sophia will address over 2,000 delegates with the representatives from 15 countries on the future of fintech. The robot will also take a few questions from Mr. Naidu and IT Minister Nara Lokesh on October 23. Prominent speakers including Madnesh Kumar Meena, Finance Joint Secretary, Union Bank of India Chairman Raj Kumar Rao and TRAI Chairman R.S. Sharma will attend the programme.
Prominent international speakers include Chris Bates, Secretary, Bitland Global, David Soto, President, Government Blockchain Association in Lima, Lynne Laube, COO and co-founder, Cardilytics, Will Pritchett, global lead, InsurTech, KPMG, London and Uzi Scheffer, CEO, SOSA.
During the conference, a CxO golf tournament and a roundtable of CEOs with the Chief Minister will also be organised.