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Andhra Pradesh Government’s Initiatives to Promote Fintech in Vizag

Posted on by Imarticus Learning

Known as the city of destiny, Vizag recently made its presence felt in the global fintech scene. We witnessed global financial technology start-ups like SOSA, DXC, and Cardlytics announcing their launch in the city. How was this possible? Let’s consider some of the enabling factors in this article.
Launch of Fintech Valley Vizag
In 2016, the government of Andhra Pradesh launched a project named Fintech Valley Vizag. Since then Vizag has developed a self-sustainable global fintech ecosystem in its premises. The Valley has outlined a series of initiatives in Vizag to gain global recognition. Few of them are detailed below:

  1. The Blockchain Business Conference 2017

    Blockchain has proven to be the key to India’s digital future. The security woes of fintech organisations are expected to be resolved through blockchain technologies. In 2017, the Valley conducted an international business conference primarily addressing the topic of the blockchain. Vizag also hosted global leaders of the blockchain technology during this conference.
  2. The launch of BFSI case repository program

    To operationalize the BFSI Use Case repository, the Valley launched a Hackathon and Innovation Challenge. This event was backed by many leading banks, insurance companies, NBFCs, and capital markets companies.
  3. Fintech Valley Accelerator Program

    This program gave an opportunity to the selected startups of the valley to connect with the leading Fintech players around the world. This three months long program provides market access, technology resources, fundraising and legal guidance to the beginners.

Though these events boosted the image of Fintech ecosystem in Vizag, more key facilities were developed around the city prior to this.
Building the Fintech Ecosystem
The whole state of Andhra Pradesh was prepared to host the Fintech Valley of Vizag through the initiatives of the state government that include the following among others.

  • All the Gram Panchayats of the state were provided with a high-speed internet connection and all the businesses were connected to a 1Gbit/s internet.
  • Literacy in Digital Financing: A program named Marpu Nestam was launched in AP. Agents were deployed all over the state to educate people on digital financial literacy on an incentive scheme.
  • Andhra Pradesh – Purse – The government launched a mobile app comprising 13 mobile banking and 10 other mobile wallets. It helped to promote E-transactions in the state.
  • The dashboard of Chief Minister: The chief minister of the state was provided with a dashboard to effectively monitor the key performance indicators of government departments.
  • E-Pragathi: Digitalisation of government projects were carried out to enable E-governance. These projects include education health and agriculture.

The Incentive Plans
Various incentive schemes were introduced for the companies to kick-off their launches with. For projects with land allotments, a discount rate of 80% and $700 per employee was offered while $1500 per employee was offered for the projects without land allotments. The electricity tariff also had an incentive of 20% discount.
In general, the state government of Andhra Pradesh is determined to make the Fintech Valley a global hub for Financial Technologies. With the current aggressive rate of promotion and success, we can expect that dream to come true in the near future.

Why Global Fintech Startups like DXC, Cardlytics and SOSA are Flocking to Vizag?

Posted on by Imarticus Learning

The financial capital of Andhra Pradesh, Vizag, has been in the spotlight of late. With news of global fintech (Financial Technology) start-ups flocking to the city, the city has been in the papers quite a bit. This is of course not an overnight phenomenon. Let’s consider the reasons why Vizag has now become the financial hub for fintech start-ups over the years. Here are some of the reasons why the city is a hotbed for finance companies to open a base there:

Where It All Began
In December 2016, the Andra Pradesh state government launched Fintech Valley Vizag, an initiative to promote the business structure of the state. The programme offered a global Fintech ecosystem to produce growth through industry-enablers, innovations, entrepreneurship and world-class infrastructure. From the very start of the operation, the programme had an ambitious plan to expand as a global Fintech hub.

Initiatives
The Fintech Valley Vizag rolled out numerous initiatives to develop a thriving Fintech ecosystem in the city. A few of them are listed below:

  • The launch of BFSI case repository program: Collaborating with leading banks, insurance companies, capital marketing companies and NBFCs, the valley launched a Hackathon and Innovation Challenge to operationalize the use of case repository.
  • Blockchain Business Conference 2017 – We know that blockchain is considered to be the solution for existing security woes of Fintech sector. Valley conducted a conference regarding this technology to pave a path for new business models by revolutionizing the current expensive systems.
  • Fintech Valley Accelerator Program – This program was conducted to provide a chance to the start-ups of the valley to find success by connecting them with bigger players of the industry. It gave the selected startups an opportunity to access technology resources, mentoring on fundraising and legal guidance.

All these initiatives helped the valley to boost its image as a sustainable fintech ecosystem not just in India but on a global level.

Facilities
Under the Designated Technology Park Scheme, the Valley offers government-backed support facilities at subsidized rates. The Valley welcomes resident fintech courses, fintech start-ups, incubators, accelerators and innovation hubs to use the facility as a co-working space.

The infrastructure facilities of the valley include Millenium Towers with an area of 300,000 square feet, 40 acres for an IT park in Rushikonda and a 600-acre IT park that’s coming up at Kappulapada. The facilities of connectivity in the state are remarkable.

The Andhra Pradesh Fiber Grid Project is under construction which is aiming to bring optical fibre network to all part of the state. This project has been implemented at a cost of ₹333 Crore and it will make Andhra Pradesh the first Indian state to make all its citizens digitally active.

Recent Events
In October 2018, The Valley conducted a 5-day festival named Vizag Fintech Festival. The conference hosted various leading start-ups, corporates, investors and academia from around the world. The fest ended with such success that it was proof of the global recognition to the valley.

The first day of the fest witnessed the Andhra Pradesh government signing pacts with Whub of Hongkong, SOSA of Israel, Singex and Bizforce among others. The launch of Vizag operations of Cadlytics, DXC and First American Corporation was announced later during the fest.

It is clear that the government is making huge efforts to make Vizag a global hub for Financial Technologies. With the current rate of success, we can expect Vizag to turn out as a one in the upcoming years.

Challenges Fintech Companies Face While Expanding to Rural India

Posted on by Imarticus Learning

Fintech companies move ahead with creative innovations in both the field of finances and technology. In India, Fintech does have a successful turnover in the Indian market which concern financial transaction between masses through various media. Citing examples of Fintech in daily lives of Indians, one may note the usage of payment apps like Paytm, PhonePe or Google Tez app which have progressively changed the process of monetary transactions for various purposes.
Such apps are especially popular for peer-to-peer (PtoP) transactions i.e. digital money exchanges at the local level. In fact, these Fintech start-ups have been on the increase in the subcontinent giving multiple options to a larger section of the community without the documentary hassles which had often been associated with the banks. One can thus say that Fintech is a booming process in India be it the upper class or the much larger population of rural India.
Nonetheless, one can easily accept that as opportunities grow for these Fintech courses, new challenges also crop up. The online money transfer feature was a huge success for the initial start-ups in the field especially during the period of Demonetisation when larger currencies were banned. Eventually, a lot of start-ups have opened up providing the same feature increasing the competition in the market. Only those can stay put in the market that have a robust foundational framework and have been kept intact with a strong experienced team.
A firm foundation depends on apt funding which can be a problem in India due to the cap on foreign investment. It is a well regarded fact that most Fintech players can only stay intact in the long run if they work on collaborating with the bigger well-established banks in India and the top few players can hit the home run on that front.
One of the major obstacles faced by these Fintech organizations is the lack of proper regulations since the Reserve Bank of India and the Exchange Board of India are yet to work on a comprehensive, exclusive set of guidelines for them. Moreover, the organizations must have a firm outlook while developing strategies making them reliable to the banking firms. Key technologies like cryptocurrency have not been given due credit in India.
At this point that Fintech is all about fresh new innovations at the right time since the digital market is a volatile playground. India’s record on that part is yet to reach a world class level. The market is specifically dynamic sensitive to small changes in prices and the evanescent base of customer loyalty. Cryptocurrency is a primary keyword of Fintech incorporating concepts like blockchains and liquid money to enhance the digital market.
Cryptocurrency with AI technology like Robotics Automation Process (RPA) can have great potential. RPA has in fact been actualized by organizations like Wipro and Accenture. Insurance companies have maximum usage of RPA followed by banking and financial services. A cost-effective solution is still being tested to explore the possibilities of this rather new tool.
Talking about the audience, there is a significant gradient scope in the level of digital awareness of masses. While there is an increasing base of tech-savvy people, there is also a large section deprived of basic literacy. Thus, in spite of a huge population, these organizations fail to reach the masses and even those who desperately need it. The sellers therefore need themselves to be aware of the fact that there’s a large portion of the crowd that needs awareness. While developments are being made, it will still take a considerable amount of time to cover this gap of knowledge.
Finally, one comes to the discussion of the anxieties of data security which is a constant threat to any Fintech industry. Personal financial data of individuals are very sensitive which can never be under-valued. A strong force of security should be the topmost priority in a country of massive population.
Cyber security rules in India are still under development and several cases keep coming up of hackers and their threats. Sellers should be extremely cautious from the beginning since any vulnerability displayed may cause a massive rupture in reputation and future prospects.
The Government and finance controls play indispensable roles for these Fintech firms. Newly developing products go on to increase complexities before the resolution of the previous problem and as such, a stack of issues crop up which leads to the ultimate downfall. While Indian firms are working on these issues but the audience adaptations is a crucial area to explore.

Master the Skills of Fintech And Be Successful

Posted on by Imarticus Learning

Master the Skills of Fintech And Be Successful

FinTech is a financial technology that covers a large group of organisations utilising programming and innovation to give monetary administrations. In FinTech, the majority of candidates will have a software engineering qualification.

Even though the industry is a combination of finance and technology, so when looking for the skills that have to be appropriate for being a part of this FinTech industry, technology comes first.
As the financial industry is progressively encountering changes, experts are on the hunt for skilled and trained people. The following are the overview of skills and capabilities emphatically looked for to work in FinTech.
Communication skills
Regardless of whether you work with merchants, business analysts or IT people, you must have the capacity to clarify parts of your tech venture unmistakably and compactly to your client.
It is imperative to understand that fintech courses aren’t only about developments and advancements, fintech includes more things. New companies need to sell their products and services, and, consequently, they require great managers and client relations experts, who have great communication abilities, having the capacity to clarify the key parts of the product. So you need to master this skill to be successful.
Teamwork abilities
In FinTech, you’ll be working with various individuals at various phases of a venture. You’ll frequently work under strain and to tight due dates to get the work completed, which implies you’ll need a decent association with the colleagues to request to ensure the work gets conveyed on time. So be prepared to work hard on your skills to achieve your objectives.
Problem-solving capacity
Working in FinTech is not an easy job, you’ll continually be searching for approaches to make things work quicker and all the more proficiently. You need to manage data and information and lessen the risk factor constantly. The key thing is having the capacity to know and understand an issue, divide it into its basic components and after that work out how technology can help you out. This is maybe the ability you have to work on
Gain work experience
You can gain work experience through an internship. A practical experience that one can gain over the education will likewise have an upper hand over the individuals who have classroom experience.
So working as an intern will give you much more experience and will boost up your skills.
AI and ML Knowledge
AI and ML stand for artificial intelligence and machine learning respectively. They both are becoming progressively essential in the field of FinTech. Machine Learning and Artificial intelligence specialists are highly looked after by investment banks to enable them to actualize financially effective solutions and show signs of improvement in client experiences.
Cyber security expert
Over the most recent couple of years, there is a huge increment in cyber crimes with finance being the main purpose behind these crimes. For somebody working in FinTech, knowledge about cyber security is a basic piece of the job. In case you’re working as a software designer, understanding and knowledge of cyber security is expected to create secure applications and programming software, so that client data and information are secured.
Knowledge about finance
Meanwhile, focus on building up your insight into the financial sector. Stay up to date with the latest updates in the markets of the finance world. You can upgrade your knowledge by perusing the Financial Times and the Economist, or viewing Bloomberg TV, and also there are so many blogs to read.

Seven Recent Developments In Fintech You Must Know

Posted on by Imarticus Learning

Seven Recent Developments In Fintech You Must Know

Fintech is the automation of commercial work using Artificial Intelligence (AI) to change the way of our banking system. It mainly targets Bitcoin, Cryptocurrency, Ethereum, Regtech, and Dash.  Fintech is undoubtedly one of the most thrilling places to be in the world of technologies.
Several products are released every year that can make paying, lending, saving, securing, investing or managing money easy for both business client and the individual.  These products have gained much trust of the investors and ordinary people. But there are some more exciting facts which you should be knowing.

  • Enormous Investments for digital development:

Fintech focuses on digitization. With the growth of fintech, your expectations from the non-banking industries, and online banking policies have increased.
With this increase in expectation, money investment of the financial firms has skyrocketed aggressively in the digital transformation projects. As there is more money, experimenting and applying with their ideas in real life has got more comfortable.

  • The borderline of Fintech technology:

Fintech revolves around AI and blockchain. Researchers say that in the upcoming years, Fintech will be able to make the whole world digital, like an online fintech. This evolution will make everyone move towards cognitive computing from advanced robotic technology.

  • Digital banks a necessity!

In the coming years, the whole world will be in your hand. From making a phone call to recognizing face over social media, everything happens with our phone. Coping up with digital dominance over human dramas is a challenging job, but Fintech is doing it well.
To do better each day, Fintech industry gets a higher amount of money from big industrial companies. This is how new applications are being made and reaching us to get modernized.

  • It starts in your head:

If you start designing your thoughts with creative engineering, your UX vision will come into reality. Branches of technology like Augmented Reality(AR) and Virtual Reality(VR) are getting benefited from the developers when they are aiming at customer experience improvement.  Using the benefit, the developers are creating gamified experiences, in the UX design technology with automata and AI.

  • Neobanks:

In recent years, digital neobanks have arisen a lot. Neobanks offer you user-friendly data interfacing without keeping their banking license. In comparison with traditional banks, neobanks provide faster transactions and better services, as per user experiences.
This significant data initiative pushes the industry towards more open-minded business with more sophisticated tools. To enlarge the market, standardization of data is necessary along with quick visualizations.

  • God-like invention to the newcomers in the industry:

Millions of business people are struggling even today to become a capitalist. But the struggle did not let new-comers to stop trying. Millions of small businesses either do not have a loan or have one but are constrained to its financing.
Fintech is like a heavenly innovation to them. Many business people are engaging themselves to supply chain marketing to identify MSMEs in need of money and to obtain existing data that can support credit decision making.

  • Clouding:

Cloud banking will increase to an excessive level in the future. Keeping this in mind, companies are making the connections more secured. Regulatory compliance is being the mainstream of Fintech even today.
Bank users will drag you to create more cloud-enabled business models, but the facilities with open APIs will hold your interest forever.

Conclusion:

Each of this recent Fintech development is providing new start-ups to the freshers of the industry and helping the seniors to evolve more with their current business. It’s says learning should be unstoppable, so learn about Fintech because, it is a very significant potential for innovators to innovate and explore their ideas.
Now, let’s gear up for the next learning and development!