FINTECH SUMMIT
DISRUPTING THE FINANCIAL SECTOR
The FinTech Summit2022 brought together the influential, disruptive and innovative technology companies that are redefining financial services across all areas of fintech. Fintech Summit 2020 was Jointly organized by Kerala Startup Mission & Indian Chamber of Commerce on May 05, 2022,Crowne Plaza, Kochi.
Over the last decade, the FinTech industry has experienced significant growth. The global market was valued at around $7.3 trillion in 2020, and is projected to grow at a compound annual growth rate (CAGR) of 26.87 percent up to 2026, according to Research and Markets, on the back of increased investments in technology-based solutions, supportive government regulations and the rising adoption of internet of things (IOT) devices, among other factors.
Observing the global trend and the need to keep up with the rapidly changing global market Kerala Startup Mission (KSUM) hosted the Fintech summit to ensure that technological innovations in the state benefit rapidly from an ongoing rise in technical and financial knowhow amid economic betterment. 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. The event was followed by a Draft Fintech Policy for Kerala for the next 10 years..
Fintech Summit aimed 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 policy would help support the entire financial sector in the state and enable disruptive innovation.
The Fintech summit was a continuation of 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.
KSUM proudly recognized the first unicorn from Kerala, Open Financial Technologies at the Fintech Summit as Founders of Open, including Anish Achuthan, Mabel Chacko, and Deena Jacob received the memento from the guests. Mabel Chacko announced the setting up of a Technology Development Center in Kochi and Trivandrum with an investment of Rs. 150 crores in 2 years.
The summit saw the announcement on Fintech accelerator powered by Open Financial Technologies, Kerala’s first unicorn, in association with KSUM, is carrying out the six-month programme for five startups. PillsBee, Farmers Fresh Zone,Finline,Traice, Taxscan, Magickles were among the five startups selected for the accelerator program after careful evaluation of over hundred applicants.
The Fintech Summit featured experts-led panel discussions on various subjects and startup pitching. Panel discussions on various topics like,best practices in the Insurance Industry,positive collaboration between financial institutions and fintech,ways in which startups could contribute to the co-creation of products within the regulations in place, Crypto investments in the new economy,Reforming Indian Financial Ecosystem And Startup Opportunities,Opportunities of Corporate — Startup Bridge in the Fintech ecosystem,How Banks/NBFCs can collaborate with startups. These topics were discussed in detail by panels of experts providing valuable insights to startups and entrepreneurs present .
Vijay Rajagopal, Head — Sales & Business Development, Amazon Pay, indulged the audience in an interactive master class session on Digitization of Payments which could open the pathway to scaling startup business. Talk on Digital Wallet and future of fintech payments was led by Vishnu Acharya, Head of Corp Dev & Investments,Razorpay. Shri Abhinav Vikas, Partner — Deloitte, delivered a leadership Talk on Big Data in Fintech . Fireside chat on “Best practices in Insurance Industry” included Deepak Bhuvneshwari, Uniyal(Co-Founder & CEO,Insurance Samadhan), Sushant Choudhury (President & National Head Govt & PSU practice, Howden Insurance Brokers India Pvt). Ltd. Leadership Talk on “Developing the next generation digital experience with Open Banking” was delivered by Anish AchuthaCo-Founder, OPEN Financial Technologies.
Startups with ready to use Product/Service had the opportunity to showcase their product at the fintech summit providing an opportunity to interact with corporates and investors from the fintech industry.Fintech Summit also provided selected startups from KSUM ecosystem with pitching opportunities in front of investors.
Results of the much awaited Hitachi National Innovation Challenge were announced during the closing ceremony of Fintech Summit. Under the Rural finance category, Gaudrika Digital Labour Chowk bagged first prize and Farmeasy Technologies the first runner-up. For the Smart agriculture category, Fuselage Innovations emerged as the winner and AgSmartic Technologies the runner-up.
