India is witnessing an explosion of financial technology (fintech) innovation and enterprise, Prime Minister Narendra Modi told the world’s largest gathering of fintech firms in Singapore on Wednesday.
“I say this to all the fintech companies and startups: India is your best destination,” Modi, the keynote speaker at the Singapore Fintech Festival, said. “Just as India’s scale brought down the LED price, it will also enable fintech products to achieve scale, reduce risks and costs, and go global.”
Modi is in Singapore till tomorrow; he’s scheduled to attend a series of summits, including an ASEAN meeting. The Singapore Fintech festival is the biggest event of its kind in the world, attended by both industry leaders and smaller start-ups. Here, Modi launched APIX, a banking technology designed to reach two billion people without bank accounts worldwide.
The Indian story shows six great benefits of fintech: Access, inclusion, connectvity, ease of living, opportunity and accountability.
Fintech is technology that enables financial services (The PayTM app on your phone is an example.). In his speech, Modi said fintech should be used to combat money laundering and other financial crimes, and improve the human condition “through direct contact with the most marginalised”.
In India, Modi said, financial inclusion had become a reality for 1.3 billion Indians. He outlined the impact of the Indian government’s work, pointing out the creation of biometric identities through Aadhaar and the opening of new bank accounts.
“More than a billion biometric identities, more than a billion bank accounts and more than a billion cell phones give India by far the biggest public infrastructure in the world,” he said.
News credit : Indiatoday