Kerala State Cooperative Bank has signed a Memorandum of Understanding (MoU) with Kerala Startup Mission (KSUM) last week to establish a FinTech Innovation Zone, aimed at promoting digital innovation in financial institutions and strengthening the cooperative banking sector in the state.
The three-year MoU was signed by Kerala Bank CEO Jorty M. Chacko and KSUM CEO Anoop Ambika at the IT Conclave held in Kochi.
Under the agreement, Kerala Bank will create a 1,000-sq ft FinTech Innovation Hub at its IT premises in Kakkanad, host cohort-based accelerator programmes, and support startups with mentorship, proof-of-concept projects, customer access, and pilot testing.
KSUM will manage hub operations, provide incubation support, investor relations, and extend its existing innovation grants and seed loans.
During the event, NABARD Chairman Shaji KV launched the Money Purse Digital App for Self-Help Groups and distributed micro-ATM cards for e-KYC-enabled account openings.
The conclave also featured industry presentations and a panel discussion on “FinTech Innovation, Expectations, Opportunities and Challenges.” Bank CEO Jorty M. Chacko chaired the session, while Bank CGM A.R. Rajesh delivered the vote of thanks.
