The AP Government is leaving no stone unturned to make AP the digital state in India. During the conference held in New Delhi on August 9, In his speech, Chowdary detailed the essentials for fintech startups identified by experts in the AP government.
Chowdary highlighted the Andhra Pradesh’s new startup initiative, Fintech Valley Vizag, a flagship initiative which intends to bring together industry, academia, and investors to innovate, co-create, and build the fintech ecosystem, with the intent of making Visakhapatnam the fintech epicentre of the world.
“Andhra Pradesh govt intends to catalyse fintech sector’s growth by hosting global business competitions and awarding innovation,” said J.A. Chowdary.
Apart from this the Global Blockchain Summit 2017 marks the next leg of the journey, after the Fintech Spring Conference 2017 in March 2017. This will be a two-day conference and expo that aims to connect, the blockchain community, government bodies and the industry stakeholders, working on blockchain technologies to create business and investment opportunities. Not only this, the Government of Andhra Pradesh and other governments from countries such as Dubai, Estonia, USA, and Australia will be showing their case studies on blockchain and its implementation within the government.
Towards this end, Chowdary talked about the raising issue of cyber security in India. As of today, there is no law in circulation on the use of the popular Bitcoin or any similar cryptocurrencies in the Indian subcontinent. The users using such currencies, in case they face a fraud situation during these Bitcoin/virtual currencies transaction, they would not have any legal recourse to their aid in India.
Speaking on the same lines, Chowdary highlighted that there is the need to focus on ‘trust, transparency through technology’ to protect the common man interest. “It is important for a country like India, to bring trust, transparency among the common man through the technology,” said Chowdary.
Chowdary is hopeful that they will be able to create as many successful fintech start-ups as they can through their initiatives. He concludes by stating India as a technology hub. He believes that currently, India is in a golden era where it has a lot of untapped opportunities to capitalise.