Kerala’s draft fintech policy to be unveiled on Thursday – The New Indian Express

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By Express press service

KOCHI: Kerala’s draft fintech policy for the next 10 years will be unveiled on Thursday, May 5 at the Kerala Startup Mission (KSUM) fintech summit in Kochi. The summit proposes to ensure that technological innovations in the state rapidly benefit from a continued increase in technical and financial know-how amid economic improvement, organizers said, adding that through a draft Fintech Policy for the Kerala for next 10 years at KSUM fintech summit.

The summit will see the announcement of a fintech accelerator powered by Open Financial Technologies, the Bengaluru-based company, in association with KSUM, is running the six-month program for five startups. The Fintech Summit will include expert-led panel discussions on eight topics and presentations from startups in addition to the results of the Hitachi National Innovation Challenge.

Such is the rise of disruptive innovation in the financial industry that the overall fintech market opportunity in India is estimated at $1.3 trillion by 2025. This would imply growth at a CAGR of 31% during the period 2021-2025. Of that amount, lending technology is expected to account for 47% ($616 billion), followed by insurance technology at 26% ($339 billion) and digital payments at 16% ($208 billion).

Among these three, insurance technology is the fastest growing fintech sub-segment in terms of market opportunity, with a CAGR of 57%, followed by investment technology (44% ) and fintech SaaS (40%).

Thursday’s event aims to build inclusion in the fintech sector and lay the groundwork for building such an ecosystem, as KSUM hosts a fintech roundtable with industry, banking, government, tech experts and startups to prepare draft fintech policy. This document, organizers said, will help support the state’s entire financial sector and enable disruptive innovation.

The upcoming summit is a continuation of a roundtable that KSUM had proposed on April 19 to facilitate an interface between key leaders from industry, government and academia on the use of technology in the field. financial.

In fact, KSUM has taken various initiatives to create a robust startup ecosystem in the state. He has carried out various policy interventions and program implementations on technology and entrepreneurship development initiatives. To strengthen and further develop the priority sectors and thematic areas of the state ecosystem, KSUM proposes to select these areas and takes active steps to involve communities and stakeholders in them.

Mission Startup Summit
He will see the announcement on the fintech accelerator powered by Open Financial Technologies, the Bengaluru-based company in association with KSUM is carrying out the six-month program for five startups. The Fintech Summit will include expert-led panel discussions on eight topics and presentations from startups in addition to the results of the Hitachi National Innovation Challenge. Such is the rise of disruptive innovation in the financial industry that the overall fintech market opportunity in India is estimated at $1.3 trillion by 2025. This would imply growth at a CAGR of 31% during the period 2021-2025.

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