Andhra Pradesh to start up $14.7m fund

The Indian state’s government hopes to support the local fintech sector through a new fund to be managed by an external firm.

Andhra Pradesh’s government is planning a Rs1bn ($14.7m) fintech startup fund of funds to be managed by an external venture capital firm, according to BGR.

Keen to boost the state’s fintech credentials, special chief secretary JA Chowdary said the new fintech tower should welcome more startups to set up a base in the region, such as online payment system Paytm, by allowing them to do so “almost for free”.

He added an international fintech competition was being planned for October, as well as monthly meetings inviting entrepreneurs to apply for grants of up to Rs500,000.

More immediately, Andhra Pradesh is looking for 100 startups and up to 15 internationally focused companies to be based in the Vizag Fintech Valley, with terms in place with the Monetary Authority of Singapore to support a fintech accelerator, while also seeking support from banking and tech firms.

 

 

See more from this Government Report: India

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. UK to launch National Investment Fund

    August 01, 2017

  2. Canada makes visa scheme permanent

    August 01, 2017

  3. Big deal: CarTrade seeks path to CarDekho merger

    July 31, 2017

  4. PCCW OTT goes on air with $110m

    August 11, 2017

  5. News round up 31 July 2017

    July 31, 2017