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Naidu to inaugurate FinTech Tower tomorrow

by December 15, 2016 General

VISAKHAPATNAM: Chief Minister N. Chandrababu Naidu will on Saturday interact with CEOs and top executives of 50 global companies from the United States and other parts, and sign Memoranda of Understanding with four FinTech (financial technology) companies for collaboration with local educational institutions to prepare curriculum.

On the same day, he will inaugurate the FinTech Tower in Cyber Valley at the sea-facing Rushikonda.

The MoUs envisage revision in syllabus to create industry-ready graduates for the FinTech sector.

The government is contemplating developing an iconic space in the city such as Lalttice80, a FinTech hub created by Marvelstone Group.

KPMG is offering consultancy to the government in the development of FinTech in the State.

The FinTech Tower in the city has a built-up space of one-lakh sft. Chief FinTech Officer of Monetary Authority of Singapore (MAS) Sopnendu Mohanty will attend the inaugural.

“After signing an MoU with MAS sometime ago, the government wants to create the required ecosystem to make Vizag the FinTech capital of India,” CEO of AP Electronics & IT Agency (APEITA) Srinivasa Moorthy told The Hindu on Thursday.

Meanwhile, hectic work is under way to refurbish the FinTech Tower in the building taken on lease from a software company by the government on Hill No. 2 of Rushikonda.

Allotment of space in the first floor is over. In two more floors, interior work will be made as per the requirement of companies starting operations along with co-working space for startups.

The startups that have been allotted space include Paytm, which will create jobs for 200 people, and Block Trust, GMS Solutions, Knolskape, and Transaction Analysts – each providing 15 to 20 jobs.

“Capacity building, community of startups, providing market access through government to promote cashless transactions in a big way will form part of the efforts to create a comprehensive ecosystem for the FinTech startups,” Mr. Moorthy said.