A new fintech hub has been announced for the coastal Indian city of Visakhapatnam which would see companies including Visa set up shop in a to-be-constructed ‘Fintech Tower’.

Building off the back of its position poised at the edge of financial revolution, Indian busninesses would see the opening of a new fintech hub – a first of its kind hotspot set to house global players Visa and Thomson Reuters.

Andhra Pradesh’s chief minister, Chandrababu Naidu, said the success of the fintech hub would be the catalyst for India to expand its burgeoning fintech sector.

With the support of the state’s government, the new fintech hub would be expected to accelerate the adoption of financial solutions for consumers across public and private sector businesses and operations.

“With several proposals at various stages of implementation, we are confident of making Visakhapatnam a leading fintech hub,” Pradesh said.

In addition to preliminary interest from Visa and Thomson Reuters, blockchain powerhouse, BlockTrust was among a consortium who had signed memorandums of understanding (MOUs) to launch business offerings.

Indian start-ups Paytm, GMS Solutions, Transaction Analysts ,and Knolscape had signed up to run operations from the hub.