Andhra Pradesh: Master Card MoU to usher in technology era

Vijayawada: The Andhra Pradesh State Government, with the help of Mastercard, has paved the way for digital financial transactions in a safe and secure environment.

AP state IT Advisor J. A. Chowdhary signed an MoU with Mastercard CEO, Ajai Bhanga, in the presence of Chief Minister, Mr N. Chandrababu Naidu for this purpose in New Delhi on Thursday.

Speaking on the occasion, the chief minister said that many wonders could be created with the help of Fintech and urged everyone in Visakhapatnam to visit Fintech galley established in their city to provide financial products and services.

He said that digital economy would put an end to problems like corruption and technology would envelop all sectors in the future. Mr Naidu said he wanted the people to get accustomed to the changing environment.

Mr Ajai Bhanga said the tech-savvy CM is taking the state to new heights. He said that Mastercard has come forward to work with the State Government in cyber security and financial and technological services and will also be conducting annual business-meets.

Mr Naidu felt that greater emphasis should be laid on agri-business and agro-processing to achieve a higher growth rate. 

This, he felt, would enhance job creation. Also, the market-oriented agricultural operations would ensure enhanced value generation per capita and per farm. The initiative will bring small farmers, SHGs, food producing organisations, buyers, service providers and financial institutions on a single platform. 

These players would help farmers find better access to finances, markets, seeds etc. Mr Naidu wants Mastercard to create a robust cyber ecosystem. 

As urbanisation helps in growth, the state identified 14 other cities for development besides those selected by the Central government. The smart transit and smart cities initiative with Mastercard is aimed at making them more efficient, safer and more inclusive and move in the direction of cashless cities.

An International Institute of Digital Technologies (IIDT) is established at Tirupati to introduce academics for emerging technologies in colleges and universities. They will help in skill development, knowledge sharing for local talent in areas of cyber security and digital adoption.

The government has also roped in educational institutions to set up centres of excellence to enable Fintech skill building. The Gitam University, Noble Institute, Ananta Lakshmi Institute and Lankapalli Bullayya College are partners.