Chief Minister N. Chandrababu Naidu said here on Saturday that the city would be developed as one of of the leading Fintech (financial technology) hubs.

He was speaking after inaugurating the first Fintech tower in the State 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.

CII-AP Chairman G.S. Shiv Kumar said the Chief Minister was very keen on developing the city as Fintech hub. Paytm and four other companies launched their startups 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.

IT Minister P. Raghunadha Reddy said the Fintech tower would provide a platform for research and development of Blockchain (public ledger of digital transaction transfer). He said Paytm would initially provide jobs for 300 including 100 in Vijayawada and 5,000 across the State in next three years.

sarma.rs@thehindu.co.in

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