Mastercard, Andhra Pradesh Electronics IT Agency to Digitally Transform State as a “Fintech Valley”

New strategic MoU with Government of Andhra Pradesh to digitally transform the state’s technology sector and drive financial inclusion 

Further strengthening its work with the Indian government to drive continued innovation, Mastercard today signed a Memorandum of Understanding with Andhra Pradesh Electronics IT Agency (APEITA), Government of Andhra Pradesh. Spread across a span of two years, this strategic collaboration will enable safe and secure digital solutions adoption at the state level.

This “Fintech Valley” MoU was signed by Hon’ble Chief Minister of Andhra Pradesh Shri Chandrababu Naidu and Mr Ajay Banga, President & CEO, Mastercard in New Delhi today. Also present at the signing ceremony were Shri Nara Lokesh, Minister for Information Technology, Panchayathi Raj and Rural Development, Government of Andhra Pradesh, Mr. J.A. Chowdary, ‎Special Chief Secretary & IT Advisor to Chief Minister of Andhra Pradesh – ‎Government of Andhra Pradesh, Shri Vijayanand, IAS, PR Secretary IT&C, Shri Sai Prasad IAS, PR Secretary to Chief Minister, Shri Krishna Kishore, CEO, EDB, and Ms. Latha Ayyar, Special representative of Government of Andhra Pradesh for Fintech.

Under the agreement, Mastercard will apply its insights and experience in working with governments across the globe to help deliver greater opportunities for local citizens and businesses. The company will implement innovative payment technologies, reinforcing CM’s high impact agenda to make Andhra Pradesh a cashless society and to elevate its foothold as a Smart City.

Commenting on this development, Shri Chandrababu Naidu, Chief Minister of Andhra Pradesh said, “This association with Mastercard draws us closer to our goal of making Andhra Pradesh a hub for IT and Internet of Things (IoT) in the coming years. We are happy to be associated with a payment technology leader like Mastercard that will empower the ecosystem with digital technologies.”

Mr Ajay Banga, President and Chief Executive Officer, Mastercard said “Around the world, Mastercard has partnered with governments to unleash the power and potential of digital transformation. This is an incredible opportunity to partner with Andhra Pradesh to change people’s lives.  We can do this by empowering small farmers to access new markets and financial services through a digital marketplace created in India by our new Mastercard Labs. We can build on six transit programs in India with interoperable open platform which means ease and accessibility for people in using more than one mode of transit helping make cities more efficient. In developed economies like the UK, we have revolutionized critical services like transit, while in places like Singapore we have been a driver of the first truly smart city based on the integration of digital payments across its economy. This agreement is a model for how government and business should work together for the benefit of our people.”

Key elements of the MoU include:

  1. Cybersecurity best practices will be implemented across digital payments and IoT in coordination with the state government and other key stakeholders.  Mastercard will also conduct a conference on Cybersecurity in the first quarter of 2018 to help the state of Andhra Pradesh secure their digital assets as part of the Prime Minister’s Digital India vision.
  2. Smart transit solutions that will help speed daily commutes and deliver greater efficiencies across the public transportation system.
  3. A farmer marketplace solution, making the buying and selling of crops much safer and simpler in addition to enabling access to credit and transparent pricing.
  4. Enhance financial, digital literacy and expertise through a knowledge sharing and skill development program to support a Centre of Excellence at a leading university in Andhra Pradesh. This initiative will provide access to Mastercard Labs and Global Technology Hubs to support the dynamic vision of building capacity to make Andhra Pradesh a model for digital payments excellence.

 

The Fintech Valley Vizag created by APEITA, Government of Andhra Pradesh, is a self-sustainable, global fintech ecosystem that focuses on converging finance and technology, to create large avenues of growth through industry-enablers, world-class infrastructure, entrepreneurship and innovation. Visit http://www.fintechvalleyvizag.com for more information. Interact with us on FacebookTwitterInstagram and YouTube.

Mastercard (NYSE: MA) is a technology company in the global payments industry.  We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.  Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.  Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.