Google and Govt of India launch Digital Payments Security Alliance to promote Fintech startups

Posted on March 31, 2017Categories Entrepreneurship, Startup hubs   Leave a comment on Google and Govt of India launch Digital Payments Security Alliance to promote Fintech startups

Raj Anandan, Google VP for South East Asia & India and Aruna Sundaraja of the Ministry of Electronics and Informtion Technology (MEIT) recently launched a Digital Payments Security Alliance (DPSA) to promote financial technology that promotes a digital economy and financial inclusion for the crores of Indians who are yet to take full advantage of the digital and banking infrastructure that our country offers.

The aim is to promote tech startups that can provide a secure and a safe access to digital and financial services to people residing in distant corners of the country. This is in line with Prime Minister Narendra Modi’s push for a digital and a cashless economy. The DPSA will work with the Data Security Council of India (DSCI) to bring the Govt, banks, tech companies and fintech startups on board to increase the usage of digital banking services. They will be conducting campaigns to create awareness about best practices while offering and using online banking and financial services. The Govt has also tied up with Google to increase the usage of Govt facilities online on phones. Google plans to train over 2 million developers for all these activites.

One can only imagine the opportunities this creates for professionals who are well trained and qualified in the field of fintech. Apart from the numbers quoted above a lot of positions will soon open up in other tech companies, banks and fintech startups for individuals who are trained and capable in promoting fintech.

Fintech Valley coming up in Vizag, AP

Posted on March 30, 2017Categories Entrepreneurship, Startup hubs   Leave a comment on Fintech Valley coming up in Vizag, AP

The Govt of Andhra Pradesh has allocated $75 million for a fintech fund, which aims to promote employment, financial technology and fintech startups in the newly created startup state of India. The coastal city of Vizag, which is fast emerging as a hub for fintech in the Indian subcontinent wil soon be home to Lattice80, a fintech hub based in Singapore. The AP Govt has signed an MOU with Marvelstone, the PE group which funds Lattice80 to start a fintech hub in Vizag. This shall be in line with the Govt’s policy to work and collaborate with more fintech startup’s to provide better governance and services to investors and citizens.

Indian Govt officials believe that the protectionist policies and visa curbs in the west will prompt fintech majors and investors to look east to meet all their tech requirements. India is said to have one of the most conducive environment to innovate and to do business. The AP Govt has signed MOUs with global coorporations to start academies in fintech sectors like blockchain, analytics and security. Their goal is to bring together the Govt, corporates and academia in order to build a sate of the art fintech system.

As a part of this arrangement more than a 1000 professionals will be trained in fintech applications like big data, mobile payments and blockchain. The center in Vizag shall be ready by the 3rd quarter of 2017.