The Government of Andhra Pradesh and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MOU) for establishment of a Centre of Excellence and marketplace for Singapore-based startups in the financial technologies (FinTech) space at Visakhapatnam.
The MAS will also undertake joint innovation projects in digital and mobile payments, big data, flexible platforms and other emerging FinTech along with government.
Minister of Information Technology said that AP had taken series of initiatives in Social Media, Mobile, Analytics and Cloud (SMAC) and the partnership with MAS would help the government to develop Visakhapatnam as the ‘FinTech valley of India’.
‘MAS will help government to help to implement black chain technology to evade hackers. In black chain technology, Singapore companies garner expertise.’ JA Chowdaryadvisor(IT) to GOAP.
Six months courses will be started in Andhra University and Gitam University in Fin technology.
From this agreement, Singapore is going to invest 1,000crores dollars investment in AP.