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Belfrics Global, one of the growing block chain development start-ups in India, on Wednesday announced that it had signed an MoU with the Andhra Pradesh government. The MoU will pave the way for developing Andhra Pradesh as the fintech hub of the country. Belfrics Global will develop block chain-based solutions, which will help the government run its day-to-day affairs in a smooth and systematic manner.
Praveenkumar Vijayakumar, the founder and CEO of Belfrics Global, said, “We are expecting 300 per cent growth in our block chain vertical in 2018 thanks to the MoU. We are signing similar MoUs with other states, banking organisations and educational institutes for developing similar solutions for them.”
J.A Chowdary, the Special Chief Secretary and IT Adviser to the CM, said, “The Government of Andhra Pradesh welcomes Belfrics Global to set up their development centre in Fintech Valley - Vizag. We will work in association with Belfrics in creating the critical manpower required for the block chain technology industry. We are also excited about the launch of Belfrics Academy in association with Gitam University in Visakhapatnam.”
Jabeer KM, the Chief Operating Officer of Belfrics Group of companies, said, “We are looking at penetrating the Indian market by developing innovative block chain-based solutions across industries. We believe this will help us reach our revenue target of Rs 100 crore by 2020. We will also be looking at hiring 100 block chain developers in India as well as in Malaysia.”
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