Vizag will become a fintech hub in country in future: Naidu

Andhra Pradesh Chief Minister N Chandrababu Naidu today said Visakhapatnam will become a fintech hub in thecountry in future as information technology sector was gaining momentum in the state.

It was a good sign that a Fortune 500 company like Franklin Templeton Investments had chosen to set up a centre in the city, he said after inaugurating the office of Franklin Templeton Investments here.

"The company will invest Rs 450 crore heregradually on setting up the centreand provide 2,500 high-end jobs. Today it has opened the office," he added.

Naidu recalled how the company had first set up the centre in Hyderabad in the undivided AP way back in 2002 and expressed confidence that the Vizag centre would be even more successful than the one in Hyderabad.

Franklin Templeton Investments, president and Chief Operating Officer,Jennifer M Johnson said the company had confidence and faithin the Chief Minister, the key architect and visionary,who built the IT sector in Hyderabad and is now doing so in Visakhapatnam.

She expressed confidence that the Vizag centre would flourish.

Earlier, the Chief Minister inaugurated the centre of Conduent Inc. in the IT park at Rushikonda.

The company will generate 5,000 jobs in the next two years and will invest roughly Rs 650 crore.

Naidu said he was trying to create the right eco-system for IT companies to flourish in the city.

In this connection, he lamented that some political parties were creating hurdles in the onward march of the state on the path of progress.

He said unfortunately a hue and cry was being raised over the allotment of land on the beach road to Lu Lu group to build a world class convention centre and shopping mall.