Kerala Startup Mission is to host a Fintech Summit this week to ensure that technological innovations in the State benefit from an ongoing rise in technical and financial knowhow. The May 5 event will be followed by release of a draft Fintech Policy for Kerala for the next 10 years, organisers said.

An announcement will also be made on a six-month fintech accelerator programme for five start-ups. The programme will be powered by the Bengaluru-based Open Financial Technologies, in association with KSUM.

The Fintech Summit will feature panel discussions on eight subjects besides the announcement of results of the Hitachi National Innovation Challenge.

India’s overall fintech market opportunity is estimated at $1.3 trillion by 2025, implying growth at a CAGR of 31 per cent during 2021-2025. Of this, lending tech is likely to account for 47 per cent ($616 billion), followed by insurance tech at 26 per cent ($339 billion) and digital payments at 16 per cent ($208 billion).

Of the 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 per cent) and fintech SaaS (40 per cent).

Thursday’s event aims to build inclusion in the fintech sector. KSUM is conducting a fintech roundtable with industry, the banking sector, government, technology experts and start-ups, to prepare a draft fintech policy. This document, organisers said, will help support the entire financial sector in the state and enable disruptive innovation.

KSUM has completed various policy interventions and scheme implementations as part of its technology and entrepreneurship development initiatives. To further strengthen and build focus sectors , KSUM proposes to select theme areas and take steps to engage communities and stakeholders in it.

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