A sustainable global Fintech ecosystem, Fintech Valley Vizag has launched the Fintech Valley Accelerator Program for tech startups in India. The Vizag has launched this program to develop a high potential fintech ecosystem focused on co-creating innovative solutions to address the evolving needs of India’s dynamic financial services landscape.

The accelerator program is in collaboration with ICICI Bank and Mahindra Finance as corporate partners and Microsoft as the technology & acceleration partner.

Commenting on the development, J A Chowdhary, Special Chief Secretary & IT Advisor to the Chief Minister- Government of Andhra Pradesh said, “The Government of Andhra Pradesh and Fintech Valley Vizag are committed to developing Fintech Valley Vizag as the epicentre to converge finance and technology and thereby create a high potential global fintech ecosystem and catalyse the sector’s growth in India. The accelerator program aims to act as a catalyst in the growth of startups by connecting them to the leading Fintech ecosystem players. We are excited to have partners like ICICI Bank, Mahindra Finance and Microsoft who have always leveraged technology by pioneering digital innovations to provide world-class banking experience to their customers.”

This four-month residential program will provide selected fintech startups an opportunity to grow their development through a combination of support, guidance, and training.

The first cohort of the accelerator program will have a group of selected finalists working to develop solutions for four key focus areas- financial inclusion, security, and fraud prevention and customer and risk analytics. The selection process for the accelerator program has commenced and will finalize 10-12 startups by mid-September. The first cohort will commence in the first week of October.

The program promoted by the government will further support the selected startups by providing access to technology resources, mentoring on fund raising, legal guidance, market access to over a million of customers from partner financial institutions amongst many other initiatives to speed up the process of scaling their businesses.

The selected participants of the accelerator program will also receive a financial incentive of Rs 4 lakhs to provide for any operational exigencies during the four-month duration.

Apart from this, ICICI Bank and Mahindra Finance will provide business mentorship to the selected fintech startups and explore partnerships with them by implementing their solutions in their ecosystem. Whereas Microsoft will provide technology and business mentorship to the selected startups and access to Microsoft products and services under its Bizspark program.

The program will conclude with a grand demo day in January 2018, in the presence of corporates, mentors and investors from across the world.

The AP Government is leaving no stone unturned to make AP the digital state in India. Andhra Pradesh’s new startup initiative, Fintech Valley Vizag, a flagship initiative is intends to bring together industry, academia, and investors to innovate, co-create, and build the fintech ecosystem, with the intent of making Visakhapatnam the fintech epicentre of the world.

Chowdary is hopeful that they will be able to create as many successful fintech startups as they can through their initiatives. He believes that India is a technology hub and is currently in a golden era where it has a lot of untapped opportunities to capitalize.

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