Andhra Pradesh Government Flags Off The Blockchain Business Conference

The Andhra Pradesh Government, in a bid to make Vishakhapatnam the blockchain capital of India, launched the Blockchain Business Conference yesterday. This flagship initiative by the Government of Andhra Pradesh marks the second leg of the Fintech Valley Vizag initiative that was started in March 2017, with the Fintech Spring Conference.

The two day conference will explore blockchain technologies, its applications and how it will impact the financial services industry. Regional and international experts, startups, corporates, regulators, entrepreneurs, policymakers and academics will be participating in this event. More than 50 startups from across the world will be showcasing their products and solutions in the fintech and blockchain domains.

Speaking at the conference, the Chief Minister of Andhra Pradesh, N. Chandrababu Naidu said, “I want to make Visakhapatnam not only India’s capital for fintech or blockchain technologies, it will be a center of excellence for the global community.”

ICICI Bank and Mahindra Finance also inaugurated two new accelerator programs at the conference which will mentor and finance 30 startup companies and help them in solving problems. The Government is also looking to triple the size of their Rs. 100 crores angel fund by bringing in co investors and domestic institutions. A Rs. 500 crores fintech fund will also be set up, which will function separately from the innovation focused angel fund. With a target to engage with 50 startups this fiscal year, the fintech fund will receive Rs. 100 crores from the government and the remaining amount will be raised from co investors such as the Small Industries Development Bank of India.

Along with the Chief Minister Chandrababu Naidu, Lokesh Nara, the IT Minister of Andhra Pradesh, Gulshan Rai, the Special Secretary of Cybersecurity and Prime Minister’s Advisory, Mr. Ravi Menon were the other keynote speakers at the event. Speaking about the disruptive blockchain technology, Lokesh Nara said Andhra Pradesh was the first state to use blockchain pilots and the technology has also been already taken up by the IT sector.