Vishakhapatnam poised to emerge as Andhra’s IT and digital payments capital
Vishakhapatnam: Three years post the state’s bifurcation, Vishakhapatnam is all set to emerge as the state’s information technology (IT) and digital payments capital. About 60% of the IT sector will come to the port city, with the Andhra Pradesh pushing for “less cash” usage, said state IT minister Nara Lokesh on Monday.
“Sixty percent of the IT sector will come here, 20% in Amaravati and 20% to Tirupathi. That is how it is naturally going,” Lokesh told reporters in the sidelines of a press conference at the Blockchain Business Conference, held by the Andhra Pradesh government in Vishakhapatnam. Fintech valley, a hub for financial technology companies, will see 16 new companies, apart from nine existing ones, begin operations in a month-and-a-half, he added.
“Fintech Valley is a very niche sector, and is expected to generate about 2,000 jobs in the coming years,” Lokesh told Mint. He added that a number of companies are expected to set up accelerators there, with each bringing about 20 start-ups with them. On Monday, ICICI Bank and Mahindra Finance signed up to start accelerators at Fintech Valley.
Andhra Pradesh is also looking to attract global, especially from Singapore, given the limited market there, said J. A. Chowdary, advisor (IT) and special chief secretary to the chief minister, government of Andhra Pradesh, who also addressed the media along with Lokesh. “They might have good funding, but startups also need a good market and business,” he mentioned.