Kerala Startup Mission CEO Anoop Ambika and Kerala Bank CEO Jorty M Chacko exchanging the MoU to set up a Fintech Innovation Zone for Kerala Bank. Chief Minister Pinarayi Vijayan and Industries, Coir and Law Minister P. Rajeeve are also seen
Banks should be prepared to face emerging challenges when the sector is witnessing rapid strides in IT technology, Chief Minister Pinarayi Vijayan has said.
Such readiness can enable the state’s startup ecosystem to turn professional threats into opportunities, he said while inaugurating an IT Conclave organized by Kerala State Cooperative Bank, generally called Kerala Bank.
Kerala Bank also signed an agreement with Kerala Startup Mission to set up a Fintech Innovation Zone with the aim of promoting digital innovation in financial institutions and the state’s cooperative banking sector. The MoU, valid for three years, was signed by Kerala Bank CEO Jorty M. Chacko and his KSUM counterpart Anoop Ambika.
Already, authorities have initiated work towards creating innovative technological systems, including IT integration and core banking systems. Customers merit awareness about guarding themselves against increasing cases of online fraud, the Chief Minister said.
Cooperatives Minister V.N. Vasavan termed the Fintech Innovation Zone as an “initial step” by Kerala Bank on its entering the startup scene.
The agreement will enable Kerala Bank to set up a 1000-sqft space for a FinTech Innovation Hub at its IT Department premises in Kakkanad. Cohort-based FinTech Accelerator programmes will be conducted to identify and support promising FinTech startups. Co-creation of digital banking solutions suiting Kerala Bank and the cooperative banking ecosystem will be encouraged. Overall, the MoU seeks to create a ecosystem conducive for FinTech innovation through mentorship, funding support and market access.
Kerala Bank will enable selected startups to undertake PoC (Proof of Concept) projects, provide mentorship support using experts from the banking as well as finance sectors, and provide access to the bank’s customer base besides infrastructure for pilot-testing.
KSUM will be responsible for setting up the FinTech Innovation Hub in Kochi and deploying the necessary human resources and other infrastructure. The Startup Mission will also be responsible for designing and implementing accelerator programmes, providing incubation, technical advice and investor relations to selected startups, and making existing KSUM support schemes such as innovation grants, seed loans and global market access available to startups.
Published on September 27, 2025