Visakhapatnam, the largest IT hub of Andhra Pradesh, has attracted the attention of global fintech community with the campaigns launched by the Fintech Valley Vizag, an initiative of the AP Electronics and IT Agency (APEITA), getting encouraging response.

Fintech leaders from Silicon Valley, Las Vegas, New York, London, Tel Aviv, Singapore and Hong Kong have evinced interest for developing Visakhapatnam into a world-class fintech hub.

Big players

WHub, which plays a key role in strengthening the startup ecosystem in Hong Kong, signed an MoU with the State to provide access to the startups in Visakhapatnam to their area for acceleration and exploring market opportunities.

SOSA, an Israel-based organisation that promotes innovation centres, also came forward to partner with the AP Innovation Society to spread innovation culture across the State. After an overwhelming response to the Global Fintech Festival and One Million Dollar Startup Challenge instituted by the State government in October, 75 firms, a majority of whom are based in the global fintech destinations such as Silicon Valley, promised to invest ₹500 crore in the next three years.

Representatives from 40 countries attended the festival, where the world’s first humanoid robot, Sophia, was the cynosure of all eyes.

Among the big-ticket projects that started operations during 2018 were Conduent, a $5 billion U.S. company, and asset management firm Franklin Templeton.

Federal Bank, Paytm and other fintech institutes also launched their operations.

“We have been successful in branding Visakhapatnam as a fintech destination, and after a series of events such as Spring Fest, AgTech Summit addressed by Microsoft founder Bill Gates and launching of first Million Dollar Startup Challenge, Visakhapatnam has become the talking point,” J.A. Chowdary, Special Chief Secretary and IT Adviser to Chief Minister, said. While the layout for IT city in an area of 400 to 450 acres at Kapuluppada has been completed, the first Millennium Tower, with 1.5 lakh sft and plug-and-play facility, at a cost of ₹85 crore is ready for inauguration at Rushikonda.Mr. Chowdary said: “Now, everyone wants to see and explore the opportunities in business as the tech-savvy government here also offers lot of business to startups.” He pointed out the good work done by Zebi Al Chain in creating registry for Amaravati land records and guest arrival at star hotels in Visakhapatnam using blockchain technology and artificial intelligence.

In Software Technology Parks of India’s BPO Promotion Scheme, A.P. has become No. 1 in bagging seats, with Visakhapatnam getting the highest number of seats.

The city is already home to several BPOs like HSBC, Patra India, WNS, Concentrix, and big firms like Conduent and Miracle Software are investing a lot in new facilities. “We have got sanction for 12,000 seats in A.P., with highest number in city-based BPOs. This will lead to creation of 42,000 jobs in two to three years,” STPI Joint Director M.P. Dubey said.

Reverse migration

With the IT Association of AP (ITAAP) launching a fresh drive, there is reverse migration. “Our aim is to overcome shortage of experienced manpower, mostly local talent. This has started bearing fruit,” ITAAP State president R.L. Narayana said.

source: http://www.thehindu.com / The Hindu / Home> News> States> Andhra Pradesh / by Santosh Patnaik / Visakhapatnam – December 31st, 2018