Lycos team to visit Vizag

‘Significant strides in blockchain tech at Fintech Valley’

Suresh Reddy, Chairman and CEO of LYCOS

A team of professionals from Lycos Internet Ltd will be visiting the Fintech Valley in Visakhapatnam soon to prepare the ground work on setting up their facility.

Lycos, the BSE listed MNC, has agreed in principle to be a part of the Fintech Valley, according to its CEO and Chairman Suresh Reddy.

Speaking to

The Hindu on Saturday over phone, he said, “The progress made in blockchain technology by the Andhra Pradesh Government at Fintech Valley in Visakhapatnam is significant. The ecosystem will go a long way in helping business houses leverage on the emerging technologies of the day. We will soon be there,” said Mr. Suresh Reddy.

Mr. Reddy made these comments after having a series of meetings with J.A. Chowdary, Special Chief Secretary & IT Adviser to Chief Minister N. Chandrababu Naidu earlier and IT Minister N. Lokesh on October 20 over the company’s partnership with the Fintech initiative.

The digital marketing and services firm Lycos has operations in 60 countries across the world.

Global ecosystem

Fintech Valley in Visakhapatnam is a global ecosystem focussed on converging finance and technology to create large avenues of growth through industry-enablers, world-class infrastructure, entrepreneurship and innovation. It’s a common platform for global financial services firms, government and academia to build capacity, infrastructure, market access, connectivity, funding channels, and incentive mechanisms. The ecosystem is expected to help start-ups, technology vendors, financial firms.

“It’s the unique ecosystem with high end technology platform. We feel that this is the place we should be in. Other details such as how much staff, when and how soon to set up our facility in Visakhapatnam will be worked out,” added Mr. Suresh Reddy.

The State government is roping in substantial IT firms to give a fillip to its plan to make Visakhapatnam the blockchain capital of the country. The State government held the two-day Fintech Spring Conference in Visakhapatnam early this year to popularise blockchain technologies and connect with the industry leaders. Blockchain is a complex and emerging technology that facilitates the best possible synergies among firms and stakeholders.