Financial inclusion has become a reality for 1.3 billion Indians, Prime Minister Narendra Modi said Wednesday as he pitched India as a favorite investment destination at the Fintech Festival in Singapore.
The first head of government to address the world’s largest FINTECH Festival, Prime Minister Narendra Modi shared lessons India has learned during the financial inclusion journey launched in 2014.
Singapore and India have been partners in the boosting Fintech.
In another step towards enhancing global financial inclusion, Prime Minister Narendra Modi launched APIX or Application Programming Interface Exchange, a global fintech platform along with Deputy PM of Singapore T. Shanmugaratnam.
This comes after the global launch of the RuPay card in Singapore in June, earlier this year. Prime Minister Narendra Modi said that digital transactions contribute to nation building.
Every digital payment saves time. It adds to a huge national saving. It is increasing the productivity of individuals and our economy. It also helps improve tax collection and inject fairness in the economy. Even more, digital payments are a gateway to a world of possibilities.
Prime Minister hailed inspiring stories of extraordinary innovations that are transforming lives across the world. He also spelled out challenges that remain.
Prime Minister Modi called for the inclusion of the unbanked 1.7 billion people in the world into the formal financial market.
He called for the extension of social security to more than a billion workers in the informal sectors worldwide.
Banks and financial institutions must be made more resilient in managing risks, fighting frauds and dealing with disruption of traditional models.
Prime Minister called for the use of technology to improve compliance, regulation, and supervision so that innovation flourishes and risks are contained.
He also stressed the use of Fintech tools to combat money laundering and other financial crimes including cyber threats.
We can use Fintech to ensure that no dream remains unfulfilled, and no enterprise remains stillborn, because of lack of access to finance. PATCH Fintech will need to be not merely a mechanism but a movement.
Prime Minister Narendra Modi also visited the India Pavilion at the Singapore Fintech Festival. With 18 participants, India Pavilion has the highest number of companies among the 16 country pavilions in the Exhibition.