Fintech Valley Vizag launches Fintech Startup Challenge in India

In a bid to make the city of Visakhapatnam the Fintech hub for the country and the world, Andhra Pradesh’s Fintech Valley Vizag has launched the first Fintech innovation challenge for India’s leading broking firm, Angel Broking. As financial services companies are adapting to the transition of India to a digital economy – since the introduction of debit cards, ATMs and e-commerce – they are simultaneously seeking partners to collaborate for financial technology. This challenge is an opportunity for start-ups and individuals to develop a solution to enables real time social profiling of customers in the era of big data.

With their problem statement – ‘Real Time Social Profiling of Customers’, Angel Broking is looking for a solution that would enable real time social profiling of new and existing customers, on the basis of attributes such as demography, income bracket, age, social data (Facebook, Twitter, Instagram, LinkedIn, etc.) and mobile application usage (e.g. presence on financial applications such as Moneycontrol, Yahoo Finance, etc.).

Speaking about the challenge Gagan Singla – Chief Marketing Officer, Angel Broking: “Technology is in Angel Broking’s DNA. Throughout our three decades of experience, we have been constantly reinventing our digital and technology platforms to stay ahead of the curve. With a perfect blend of Investment Advisory expertise and technology prowess, today we are a truly new age Digital Investing Company. ‘Real-time Social Profiling’ - Fintech Challenge is another step to take the customer experience to the next level by giving smarter and more personalized technology based solutions. We are honored to launch the challenge in collaboration with the Andhra Pradesh Fintech Valley. We are excited to meet the creative and innovative minds.”

All shortlisted fintech firms and individuals will be invited to showcase and demonstrate their solutions to the Indian financial industry leaders at the Fintech Spring Conference organized by Fintech Valley, to be held on March 9-10, 2017 at Visakhapatnam. That is not all; the winner of the challenge will be awarded a cash prize of INR 5 lakh. The winner will also receive coaching and mentoring by the corporate partner and free space for six months in the Fintech Tower.

Special Chief Secretary & IT Advisor to the Chief Minister, Government of Andhra Pradesh, J A Chawdary said “India is witnessing a surge of early stage start-ups in the Fintech space and it’s essential that we forge partnerships with them in the gestation period of their ideas. Going forward Fintech Valley Vizag intends to create a co-working space for fintech start-ups in the Fintech Tower and this challenge is a stepping stone for that.”