AP signs pact with Confederation Of Indian Industry on Fintech ecosystem

Amaravati: The Andhra Pradesh government and the Confederation of Indian Industry (CII) signed a Memorandum of Understanding (MoU) to collaborate for the development of Fintech ecosystem in the state. The CII will work closely with the Fintech Valley Visakhapatnam to create an environment conducive for the development and growth of Fintech companies in the state.

The MoU was signed at Secretariat on Wednesday in presence of IT minister N Lokesh and Sanjiv Bajaj, chairman, CII National Committee on Insurance & Pensions & chairman, CII National Working Group on FinTech.  

Speaking on the occasion, Lokesh said, “The M0U will provide a framework for areas of support and resource mobilisation for the implementation of key interventions in setting up full-fledged Fintech Hub in the state by providing corporate, institutional and government connects”. He expressed confidence that these efforts would pay dividends and will be successful in making AP as a global fintech destination.

The CII would act as a facilitator and galvanise support from the corporates and will work closely with policy-makers, including regulators, to enable quick progress. CII would create an industry sandbox to nurture and mentor Fintech start-ups’ operating out of the Fintech Hub.

“CII is in close touch with financial sector regulators and would collaborate with them in creating a simplified regulatory sandbox platform to enable Fintechs, including start-ups to showcase their ideas to the regulators and seek their guidance on the same,” said Sanjiv Bajaj.

Bajaj further said that CII was also in discussion with international partners like Monetary Authority of Singapore and the City of London to create a symbiotic relationship which will help Indian fintechs and insurtechs to benefit from global learning and best practices.  

Principal secretary of ITE&C department K  Vijayanand said, “With this MoU, CII would provide the necessary services and create a working group of industry representatives who will help identify industry-specific use-cases for the start-ups and provide mentorship to the start-ups.

This will in turn help in nurturing and promoting Fintechs, Insurtechs by developing a launchpad environment and support system that will enable them to thrive and flourish.”