India: The Andhra Pradesh Government and Singapore-based Fintech major, LATTICE 80, have signed a memorandum of understanding for establishment of a fintech incubation centre here.
The MoU was signed at the two-day Fintech Startup Challenge which began here on Thursday.
On the occasion , J A Chowdary, special adviser to the AP Chief Minister on IT, said, “The Andhra Pradesh Government is not merely trying to create the right eco system for promoting fintech in the State, but to develop a whole fintech culture. It wants to conduct a series of events to promote fintech in the city and the State. LATTICE 80 will help the Government in the endeavour.”
Two events are planned – a major conference on October 9 and October 10 in the city on blockchain technology and another major event on February 19, 20 next year (2018). At the latter event, one-million dollar challenge for global companies and one-crore rupee challenge for the Indian companies in the fintech sector are planned.
He said it was heartening that 150 start-ups, several of them from abroad, were participating in the Fintech Startup Challenge. A 20-member Singapore team had arrived here and two more teams from Switzerland and Japan were also participating in the event.
He said 15 more MoUs were being signed by the AP Government with different fintech companies to launch operations in the State. “We have already signed pacts with Visa, Thomson Reuters and other major companies to launch operations in the Fintech Valley here. PayTM has already started operations,” he added.
Joe Senughyun Cho, CEO of LATTICE 80, said the AP Government had rightly identified fintech as the most promising area and “my company is very happy to partner with AP Government in developing Vizag as the major fintech hub”.
Source: Hindu Business Line