CM’s Great ‘FinTech’ Plans for Vizag

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Chief Minister N. Chandrababu Naidu said that the city would be developed as one of of the leading Fintech (financial technology) hubs. “Vizag has the potential to become FinTech hub”, he said.

The CM spoke at length after inaugurating the first Fintech tower in the State in Visakhapatnam. The tower has been developed after taking a building on rent from an IT company with a built-up area of one lakh sft at sea-facing-Cyber Valley in Rushikonda IT Special Economic Zone.

He said the tower would bring leading Fintech players to the city. He held discussions with CEOs and executives of 50 global companies including Cognizant, Paytm, HSBC and Visa and announced that he would set up a committee comprising representatives from the industry to evolve a policy to encourage investments in the segment.

Paytm and four other companies launched their offices in the city. MoUs were also signed with the startups and agreement copies were handed over to HSBC and five others for spreading domain knowledge on FinTech by tying up with Andhra University, GITAM University, Gayatri College, Bullayya College and few other institutes.

Paytm founder and CEO Vijay Shekhar Sharma said immediately jobs would be provided to 200 at the business development centre started at the Fintech Tower. Paytm would also set up another facility at Vijayawada with jobs for 100.

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