Question: The two MoU signed recently by the Andhra Pradesh Government are intended to develop which city as the national and global hub for financial technologies (fintech) innovation?
(a) Visakhapatnam
(b) Kannur
(c) Hyderabad
(d) Rajmundri
Ans: (a)
Related Fact :
- On 22nd February, 2017, the Chief Minister of Andhra Pradesh, Shri Nara Chandrababu Naidu today presided over the signing of two significant Memoranda of Understanding (MoU) with fintech multinationals Visa and Thomson Reuters at Mumbai.
- The milestone represents another firm step by the state government designed to catapult Fintech Valley Vizag (Visakhapatnam) as the national and global hub for financial technologies (fintech) innovation.
- The Government of Andhra Pradesh is also hosting the first Fintech Valley Vizag Spring Conference 2017 on March 9-10, 2017.
- The conference will bring together fintech companies, start-ups, researchers and key government officials who are working in the fintech sector, and will provide opportunities for disruptive business solutions.
- With a special focus on nurturing start-ups, the Conference will also announce the winners of the Fintech Startup Challenge who will receive INR 15 lakh prize and free infrastructure for six months in the Fintech Tower.
About MoU with Visa: - Visa is a global payments brand, technology and processing company with more than 2 billion credit, debit and prepaid accounts provided across more than 200 countries and territories. Consistent with the company’s global commitment to help build more inclusive societies, the company has offered its support to the Andhra Pradesh government. As per the MoU between Visa and Government of Andhra Pradesh, the parties intend to collaborate to develop a robust digital payment ecosystem in Vizag through a multi-level approach that targets several stakeholders. Through the promotion of awareness campaigns and educational programmes, the MoU sets out to encourage both merchants and consumers to accept and adopt digital payments.
About MoU with Thomson Reuters: - Thomson Reuters (TR) Corporation is a provider of news and information for a range of professional markets. The company operates through three segments: Financial & Risk, Legal, and Tax & Accounting. The Financial & Risk segment is a provider of critical news, information and analytics, enabling transactions and connecting communities of trading, investment, financial and corporate professionals, as well as provides regulatory and operational risk management solutions. As world’s oldest fintech company, with 150 years of financial innovation history, Thomson Reuters will serve as an accelerator in this journey. It’s technology platform and access to global best practices, will provide the right enablers and expertise to the Andhra Pradesh government as they pursue the goal of building a global fintech hub.
Reference:
http://timesofindia.indiatimes.com/city/visakhapatnam/improveinfrastructure-before-vizag-becomes-a-fintech-hub/articleshow/57336849.cms
https://www.thomsonreuters.in/content/dam/openweb/documents/pdf/india/brochures/Press%20release%20FINTECH-Andhra%20Pradesh%20signs%20MoUs.pdf