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Hyderabad (India) fintech forum launched

Image credit: jayesh_ranjan; Twitter

The Hyderabad Fintech Forum (HFF) was launched earlier this week.

The forum is a platform for the exchange of ideas on technology in the banking, financial services, and insurance (BFSI) spaces to enable and strengthen the start-up ecosystem.

The IT and Industries principal secretary, Jayesh Ranjan, formally launched the forum in the presence of industry leaders, in Hyderabad.

The HFF comprises of early-stage and growth-stage fintech start-ups, and heads of R&D and technology departments of global MNC companies in India. Angel investors, venture capitalists, academicians, researches, government officials, and regulators are also involved, a press release from the forum said.

More than 600 fintech members have already joined. HFF has created seven special interest groups (SIG) for domains such as blockchain technology, data science, AI, ML, and cybersecurity.

HFF provides a platform for mentor-mentee connectivity for start-ups who seek mentorship in different stages of the life cycle from the start-up community.

According to its website, the forum is an initiative to connect various stakeholders in the fintech innovation ecosystem. As the global fintech industry is growing at a CAGR of 22.17% with the APAC leading at 43.34% in the next five years, Hyderabad is expected to take advantage of its existing fintech industry presence in and around the financial district and within the distributed software hubs to create a sustainable ecosystem.

Creating necessary fintech infrastructure for the state is a priority for the Telangana government, an official noted.

In the 2018-19 financial year, the export of IT products from Hyderabad reached a record high of US $415.8 billion, growing 17%, nearly two times the country’s 9% growth rate.

Hyderabad was the first city in the country to create an exclusive infrastructure for fintech activities in 2000.

The state government works to support the development of the IT industry in the city. According to a media report, it provides support for land allocations and establishing a single office, it ensures continuous power and water supply, access to a rich talent pool, and offers incentive packages to the IT industry.

Some of which include cost reimbursements of up to 10% of retrofitting cost to IT companies to implement energy efficiency equipment and 100% reimbursement of stamp duty, transfer duty, and registration fee paid by the IT industry on sale or lease deeds on the first transaction.

Last month, a global insurance company announced its plan for building a business services technology centre in Hyderabad. The organisation said it would hire technical professionals to provide support for its global operations in areas such as intelligent process automation, digital technology, and data analytics.

The company will also work with T-Hub, a one-of-its-kind public/private partnership involving the Telangana government, three of India’s premier academic institutes, and key private sector leaders to foster innovation and nurture start-ups. They intend to solve business challenges through rapid innovation and market deployment.

More recently, a US-based cloud data management company expanded its India operations by moving its R&D activities into a facility in the city.

There are around 150 employees in the Hyderabad facility and the headcount is expected to double over the next two years. According to the company’s president, India is evolving into a good market. They have clients that use data solutions to serve their customers better.

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