Banks head to Fintech Valley for Indian startup challenge
In a bid to transform the picturesque commercial capital of Andhra Pradesh, Visakhapatnam, into a national and global hub for financial technology (Fintech), the government of the state, under the dynamic leadership Chief Minister Shri N. Chandrababu Naidu, is building a complete eco-system including Fintech start-up entrepreneurs, innovators, incubators, investors and academia.
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Several Fintech startups including India's largest mobile commerce firm, PayTM, Blocktrust, Knolskape, Transaction Analyst, GMS, ValueLabs have commenced operations at the Fintech Valley, Vizag.
India’s premier banking and financial institutions such as ICICI Bank, ICICI Lombard, HDFC Life, Bharti AXA and Angel Broking have also associated with Fintech Valley to launch the Fintech Startup Challenge.
The challenge is open to start-up, entrepreneurs, innovators and developers and provides them an opportunity to win INR 15,00,000 divided between Insurance, Capital Markets and Banking.
There are added benefits such as:
• Showcase the solution to Indian financial industry leaders at Spring Conference on March 9 - 10, 2017, which will bring the Fintech community together and have a broader conversation on issues integral to Fintech such as blockchain, cyber security, artificial intelligence
• Receive coaching and mentoring by corporate partner
• Free office space for 6 months in Fintech Tower, Vizag
• Wild card entry to future challenges in 2017
• Special ‘Jury Award’ for the chosen Fintech start-up
There are five corporate partners of these challenges and all five have identified problem areas where they need startup entrepreneurs and firms to find solutions. We have attached five separate press releases for your reference:
1. Angel Broking Challenge: Real-time social profiling
2. Bharti Axa: Fraudulent behaviour detection
3. ICICI Lombard: IoT around Property and Logistics
4. ICICI Bank: Payments and remittances
5. HDFC Life: Create signature and photo verification tool