The stage is set for conducting of fintech Startup Challenge - 2017 here on Thursday and Friday and it is estimated by authorities that 150 companies from within the country and abroad may participate in the event.

The startups have registered matured product solutions as well as innovative prototypes, according to officials from KPMG, which has been appointed by the State Government as the consultant for fintech promotion in the city and the State.

According to KPMG officials, the State Government has collaborated with banking and financial institutions such as ICICI Bank, ICICI Lombard, HDFC Life, Bharti AXA Life and Angel Broking to launch the AP fintech Valley Startup Challenge-2017.

According to J.A Chowdary, the IT adviser to the Chief Minister, the challenge is being conducted to power Visakapatnam as a national and global hub for fintech. "We want startups, entrepreneurs, innovators and developers around the globe to view Vizag as the hot destination for fintech," he said.

He said the main objective for launching the challenge is "to get the best minds across the globe associated with AP fintech Valley and set the platform to create a self-sustainable global fintech ecosystem in Visakhapatnam to focus on converging finance and technology to create large avenues of growth."

Prize money : A sum of Rs 15 lakh will be awarded to three winners across banking, capital markets and insurance categories (Rs. 5 lakh per winner) for the best entries. The winner in each category will be given an opportunity to open the development centre in the city. They will also get access to free space for at least a period of six months.

KPMG officials say the fintech Spring Conference will be a stepping stone towards creating a robust ecosystem in the city. The event will focus on financial inclusion, cashless economy, rise of emerging technologies, digital India, access to skills and business support to fintech startups.

sarma.rs@thehindu.co.in

Related Topics
comment COMMENT NOW