#3 Reasons Why this Indian City Promises to be the Next Global Fintech Destination (Source: Entrepreneur India)

#3 Reasons Why this Indian City Promises to be the Next Global Fintech Destination (Source: Entrepreneur India)

From the time Telangana was carved out of Andhra Pradesh, a race had silently started for the IT throne between the two.

While on one side the established city of Hyderabad boasted of IT parks and big corporate houses, on the other stood the establisher, Chandrababu Naidu, the Chief Minister of Andhra Pradesh. He is again on a mission to change the landscape of another city, the way he did it with Hyderabad.

Now he’s claiming that the business capital of the east Vishakhapatnam will be the global Fintech destination. How you ask? With the establishment of the Fintech Valley.
Entrepreneur India talks to the man at the helm of the project, J.A. Chowdary, the IT advisor to the CM, as he explains why they choose Fintech over other sectors and gives three reasons why Vizag is the next big fintech stop.

Why Fintech and Why Vizag?

While studying the new age dynamics of technology globally, Chowdary and team realised that what we consider as disruptions now, are soon going to be disrupted. Looking for the hot sectors that will impact the world of technology in the biggest way, they found that the top spots were held by Cyber Security, Blockchain technology, Artificial Intelligence& Machine Learning and Data Analytics. “Data is the new oil,” he said with a chuckle.

“We realised that Fintech is the one sector that covers all of these breakthrough technologies and is growing at 26 per cent globally. That is one we decided to build our own business capital of the east, attracting the best of the fintech companies to set up R&D facilities, Centre of Excellences, start-ups with the best in Blockchain and AI and more,” he said.

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“One lakh new IT jobs for the youth will be created in the state within a couple of years. Five lakh jobs would also be created in the electronics, manufacturing sectors etc. “

Shri Nara Lokesh
Minister , Information Technology