Conduent Inc, a US-based business process services company, will set up a global development centre and Business Process Outsourcing centre in this Andhra Pradesh coastal city.

The company on Monday signed an MoU with the state government for creating 5,000 jobs including 2,000 in financial technology in the first phase over the next three years.

The MoU was signed in the presence of Chief Minister N Chandrababu Naidu and Conduent's Global CEO Ashok Vemuri during the Blockchain Business Conference, which began in Visakhapatnam on Monday.

The facility to come up in Fintech Valley Vizag will create 5,000 jobs in the first phase. State government officials said this could be scaled up to 11,000. If the company builds its own campus, the investment will be Rs 300 crore, the officials said.

Andhra Pradesh Information Technology Minister Nara Lokesh later told reporters that Conduent has not made any financial commitment yet but signed the MoU to create 5,000 jobs.

He said the proposed facility would not be a traditional IT development centre but a tech-based global delivery centre. The BPO would be only a small part of the operations.

He said the facility would work on Blockchain solution for parking and other innovative projects for their global operations. It will create high-end R&D jobs in niche areas.