Fintech hub Lattice80 has signed a memorandum of understanding (MOU) with the Andhra Pradesh state government to open a fintech hub in the Indian city of Visakhapatnam (Vizag).
Vizag has been building a self-sustaining fintech ecosystem, which includes participation from accelerators, incubators, research institutions, startups, financial institutions and government bodies.
Lattice80 Vizag will be the next piece in Vizag’s burgeoning fintech infrastructure and will be located in its Fintech Tower.
This will be Lattice80’s second location outside of Singapore.
As part of the agreement, Lattice80 will run training programmes to train 1,000 ICT professionals in India every year. The aim is to establish a link between Singapore’s and India’s fintech ecosystem.
Together, they will co-research and develop key fintech technologies including digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (API).
Lattice80 Vizag is scheduled to open in the third quarter of this year.
“We see opportunities in Vizag to contribute in various ways. We are delighted to collaborate and launch Lattice80 Vizag to benefit the fintech sector in India. By launching Lattice80 Vizag, we want to facilitate knowledge sharing and establish partnerships between universities based in and affiliated to Singapore and Andhra Pradesh,” said Joe Seunghyun Cho, Chairman, Marvelstone Group, in an official press statement.
According to KPMG, India’s fintech market is expected to be worth US$2.4 billion by 2020. The state of Andhra Pradesh has the potential of 50 million fintech users, according to data cited by Fintech Valley Vizag.
“The Andhra Pradesh Government is not merely trying to create the right ecosystem for promoting fintech in the state, but to develop a whole fintech culture. It wants to conduct a series of events to promote fintech in the city and the state. Lattice80 will help the government in the endeavour,” said J A Chowdary, special adviser to the Andhra Pradesh Chief Minister on IT, in an official press statement.
Lattice80’s Singapore-based hub was first established by Singapore-headquartered VC Marvelstone Group in November last year. Over 20 fintech companies currently occupy the premise.