IT Adviser to CM, Marvelstone Group chief formalise deal

Singapore’s Lattice80, considered one of the largest FinTech (financial technology) hubs in the world, has signed a MoU with the Andhra Pradesh government to set up an incubator in Visakhapatnam.

MoU copies were exchanged between Special Chief Secretary and IT Advisor to Chief Minister J.A. Chowdary and Marvelstone Group Founder Chairman Joe Cho here at the first day of two-day FinTech Spring Conference being organised by Vizag FinTech Valley.

Stating that the MoU was the right initiative to put Visakhapatnam on the world FinTech map, Mr. Chowdary said the government had created Vizag FinTech Valley as an independent entity to make it a prominent FinTech hub.

Two major events

He said they had decided to hold two major events — a global FinTech start-up summit on October 9 and 10 in the city on blockchain technology and another event on February 19 and 20 in 2018. At the latter event, $1 million challenge for global companies and Rs. 1 crore challenge for the Indian companies in the fintech sector are planned.

Mr. Chowdary said 150 companies, several of them from abroad, were participating in the FinTech challenge being organised as part of the Spring Conference. Prize money of Rs. 15 lakh is offered to the best entries offering solutions. They will also be provided free space for six months and mentoring at FinTech Tower in the city.

Fifteen MoUs would be signed by the AP Government involving several companies from within the country and abroad for fintech promotion.

“Lattice80 will not only start the incubator at Sunrise Incubation Hub but also agreed to offer their expertise in introducing various courses in fintech by the educational institutions,” Srinivasa Moorthy, CEO of AP Electronics and IT Agency, an autonomous body formed by the government to promote sector-specific investments, told The Hindu .

“We are very excited over our maiden visit to Visakhapatnam. It is a very clean and beautiful city and we are confident that the city has the potential to become a fintech hub,” Aki Ranin, CEO of Bambu, a B2B robo advisory startup based in Singapore, said.