Fintech Summit to feature expert-led panel discussions on various topics and startup pitching
In an effort to ensure that technological innovations in Kerala benefit rapidly from an ongoing rise in technical and financial knowhow amid economic betterment, the Kerala Startup Mission (KSUM) will host a Fintech summit this week. The summit will also see the outing of a Draft Fintech Policy for Kerala for the next 10 years.
A Fintech accelerator powered by Open Financial Technologies, Kerala’s first unicorn, in association with KSUM, will also be unveiled. The accelerator will be a six-month programme for five startups.
The Fintech Summit will feature expert-led panel discussions on eight subjects and startup pitching besides the results of the Hitachi National Innovation Challenge. The unprecedented growth in disruptive innovation around the financial sector has spurred India’s overall Fintech market opportunity. Estimated to be at $1.3 trillion by 2025, this would, in turn, imply a growth at a CAGR of 31 per cent during 2021-2025.
Of this, lending tech is likely to account for 47 percent ($616 billion), followed by insurance tech at 26 percent ($339 billion) and digital payments at 16 per cent ($208 billion) said KSUM sources.
Insurance tech fastest-growing fintech sub-segment
Among these three, insurance tech is the fastest-growing fintech sub-segment in terms of market opportunity, growing at a CAGR of 57 per cent, followed by investment tech (44 percent) and Fintech SaaS (40 percent).
The Fintech Summit scheduled for Thursday event aims to build an inclusion in the Fintech sector and lay the groundwork for creating such an ecosystem, as the KSUM is conducting a Fintech roundtable with industry, banking sector, government, technology experts and startups to prepare a draft Fintech policy. This document, organizers said, will help support the entire financial sector in the state and enable disruptive innovation.
Industry, government, academia interface
The upcoming summit is in continuation with a roundtable KSUM had proposed on April 19 to facilitate an interface between top leaders from the industry, government and academia on the use of technology in the financial area.
In fact, KSUM has been taking various initiatives to build a robust startup ecosystem in the state. It has successfully completed various policy interventions and scheme implementations on the technology and entrepreneurship development initiatives. To further strengthen and build focus sectors and theme areas to the state’s ecosystem, KSUM proposes to select theme areas and is taking active steps to engage the communities and stakeholders in it.