Fintech Cos sign MoUs with AP to launch operations

Several companies signed MoUs here on Tuesday at the inaugural of the Vizag Fintech Festival with the Andhra Pradesh Government to launch operations in the State.

HDFC Bank announced a partnership with Andhra Pradesh Electronics IT Agency to promote and nurture start-ups as a part of the State Government’s Fintech Valley initiative.

The MoU was signed by Nara Lokesh, State Minister of Information Technology, and Smita Bhagat, Group Head, e-Commerce, retail banking, of the bank in the presence of Chief Minister Chandrababu Naidu. The Bank will partner with the State Government to provide end-to-end solutions like current accounts, credit, and other solutions to start-ups under its SmartUp programme.

Cardlytics (Asia operations), Federal Bank, DXC Tech, Deloitte, Fintech Association of Hong Kong, and Wadhwani Foundation signed MoUs with AP Innovation Society and other agencies.

A global core group of 22 entrepreneurs – mostly NRIs from Andhra Pradesh – signed a MoU with the AP Government to set up an innovation hub in the Fintech Valley, Vizag, and provide 1500 jobs to the local youth in the first phase.

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