Several companies signed MoUs here on Tuesday at the inaugural of the Vizag Fintech Festival with the Andhra Pradesh Government to launch operations in the State.

HDFC Bank announced a partnership with Andhra Pradesh Electronics IT Agency to promote and nurture start-ups as a part of the State Government’s Fintech Valley initiative.

The MoU was signed by Nara Lokesh, State Minister of Information Technology, and Smita Bhagat, Group Head, e-Commerce, retail banking, of the bank in the presence of Chief Minister Chandrababu Naidu. The Bank will partner with the State Government to provide end-to-end solutions like current accounts, credit, and other solutions to start-ups under its SmartUp programme.

Cardlytics (Asia operations), Federal Bank, DXC Tech, Deloitte, Fintech Association of Hong Kong, and Wadhwani Foundation signed MoUs with AP Innovation Society and other agencies.

A global core group of 22 entrepreneurs – mostly NRIs from Andhra Pradesh – signed a MoU with the AP Government to set up an innovation hub in the Fintech Valley, Vizag, and provide 1500 jobs to the local youth in the first phase.