Andhra Pradesh Launches Rs 100 cr fund of funds for Fintech Startups
The Andhra Pradesh under Chief Minister Chandrababu Naidu has announced Rs 100-crore fund of funds on January 25, 2017 to invest in Fintech startups. Fintech is being seen as a promising space to generate job, thus the state has initiated an industry-academia-government partnership to tap and refine
skilled talent available at cheaper costs to develop Visakhapatnam into a global fintech hub. The state has also appealed the Centre to partner by contributing money for the fund. The states fund is being launched as part of the government’s aim to boost fintech activities in the Vizag Fintech Valley, in Vishakapatnam, and the detail of this fund will be announced within two weeks.
iv. Apart from the fund of funds, the state has also created a fintech tower. Besides, a global fintech competition with a high prize-money will be organised in October 2017, while there will be monthly meet-ups where promising companies will be given grants of up to Rs 5 lakh.
v. The stat is making an effort to develop the entire ecosystem needed for development of the fintech sector.
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