Chief Minister N. Chandrababu Naidu has said here that the city of Visakhapatnam would be developed as an innovation valley and one of the top three fintech centres in the world.

He was speaking here at the inaugural of the Vizag Fintech Festival on Tuesday.

Naidu said that the State Government was going all out to create the right kind of ecosystem for fintech development in the city and it was giving incentives to entrepreneurs in the field.

“Many established companies as well as start-ups are being drawn to the city as a result,” he said and narrated at length the steps being taken by his government to promote IT, particularly blockchain technology, in the state.

The Chief Minister said his government had launched e-pragati platform to provide good governance. “Visible governance and invisible government is our motto and our ultimate objective is to make all government transactions online and integrate the data to provide the best possible governance,” he said and invited IT entrepreneurs from across the globe to assist his government in the endeavour.

State IT Minister N. Lokesh, also the Chief Minister’s son, spoke about the advances made in the IT sector during the past four years.

J.A. Chowdary, the IT adviser to the State government, and Vijayanand, the Principal Secretary (IT), and several others spoke at the event.

R.S. Sharma, the Chairman of Telecom Regulatory Authority of India (TRAI), praised the efforts of Andhra Pradesh government to leverage latest technologies to provide better governance to the people.

According to the organisers, more than 2,000 delegates from across the globe are attending the event which will go on till October 26.