The Andhra Pradesh Government on 5 October signed a Memorandum of Understanding (MoU) with Mastercard to setup a centre of excellence in Visakhapatnam.
The MoU was exchanged in the national capital in the presence of Andhra Pradesh Chief Minister N. Chandrababu Naidu and CEO of Mastercard, Ajay Banga.
Mastercard, an American multinational financial services corporation, have come forward to work in the areas of cyber security and financial technology in the state.
The agreement is believed to digitally transform the technology sector in Andhra Pradesh. As part of agreement, MasterCard will also organise business summits in Visakhapatnam every year.
Speaking on the occasion, Chief Minister Naidu said, "We can do wonders in the state with financial technology. Digital economy can solve so many problems like corruption."
He also invited everyone to the Financial Technology Valley in Visakhapatnam.
Meanwhile, Banga said that the Chief Minister's vision for implementing technology can help take Andhra Pradesh to a new level.
J.A.Chowdary, Special Chief Secretary and IT Advisor to Government of Andhra Pradesh, was also present on the occasion here.