Marvelstone Group, the investors behind Singapore’s Lattice80 fintech hub (where Next Money is based), has signed a memorandum of understanding with the Government of Andhra Pradesh in India to open the first Lattice80 location outside of Singapore. Lattice80 Vizag will be located in Fintech Valley Vizag’s Fintech Tower. As the largest city in the state of Andhra Pradesh, Vizag is already becoming home to some of India’s most innovative startup companies in the financial services space and beyond.
As part of the agreement, the firm will run training programmes to train 1,000 ICT professionals in India every year. The goal is to help link the community in Singapore and India, and encourage co-innovation in key new technologies such as digital and mobile payments, blockchain and distributed ledgers, big data and flexible platforms.
India’s fintech market is forecast to be worth US$2.4 billion by 2020, a two-fold increase on the market size in 2016, according to KPMG, which is commissioned by the state to promote Vizag.
J A Chowdary, special adviser to the Andhra Pradesh IT Minister said;
“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.”