Vizag may soon emerge as new age tech hub

The keen interest shown by some national and global players for a presence in Fintech Valley Vizag may boost the prospect of developing the city as a key destination of emerging technologies - blockchain, cyber security, data analytics and artificial intelligence. 

Andhra Pradesh, which had to start from scratch in information technology after losing tech hub Hyderabad to Telangana three years ago, wants to ride on these new technologies to create a niche for itself. 

Chief Minister N Chandrababu Naidu who, as CM of undivided Andhra Pradesh between 1995 and 2004, steered Hyderabad to become one of the global IT destinations, faces a challenge to attract investment in the transformed IT world. With traditional IT no longer relevant, he is focusing on technologies which are expected to drive growth in the future. 

Fintech Valley, which completed one year this month, has attracted nine Fintech companies while 19 others are in the pipeline. It has also roped in 20 partners, including the country’s top banks and ports, to create a repository of use cases in blockchain technology. 

At the blockchain business conference held here this month, ICICI and Mahindra Finance announced the setting up of two accelerators in Fintech Valley. Tata Capital, SBI, HDFC and others too will be starting their accelerators. 

Broadridge Capital and Thomson Reuters announced the setting up of centres of excellence. Conduent, a US-based BPO, is to set up a development centre here with an investment of Rs 649 crore.