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| Financial inclusion has become a reality for 1.3 billion Indians, says PM at Fintech Festival in Singapore | | | |  Singapore 14 November(Agencies)
Financial inclusion has become a reality for 1.3 billion Indians, Prime Minister Narendra Modi said Wednesday as he pitched India as a favourite investment destination at the Fintech Festival in Singapore.
Speaking at the world's largest event on financial technology, PM Modi said technology has transformed governance and delivery of public services in India and unleashed innovation, hope and opportunities.
"Technology is defining competitiveness and power in the new world and it is creating boundless opportunities to transform lives," PM Modi said as he began his two-day visit to the country. "It has empowered the weak and brought into mainstream those who were on the margins. It has made economic access more democratic," he said in his keynote address at the Singapore Fintech Summit.
The festival drew as many as 30,000 participants from over 100 countries in 2017. The event involves a three-day conference, and exhibition of Fintech firms and capabilities, a global competition of Fintech solutions and a platform for matching entrepreneurs and investment capital. PM said the festival is a tribute to the youth of India with its eyes firmly fixed to the future.
"Financial inclusion has become reality for 1.3 billion Indians. We have generated more than 1.2 billion biometric identities- Aadhaar or foundation- in just a few years," the Prime Minister said at the event. "The character of the global economy is changing. Technology is defining competitiveness and power in the new world. And, it is creating boundless opportunities to transform lives," PM Modi said.
He added that India is a nation of diverse circumstances and challenges. "Our solutions must also be diverse. Our digitisation is a success because our payment products cater to everyone," he said. "The Indian story shows six great benefits of fintech: Access, inclusion; connectivity; ease of living; opportunity; and, accountability," the Prime Minister said at the event.
PM Modi also launched APIX (Application Programming Interface Exchange), a global fintech platform with Deputy PM of Singapore T Shanmugaratnam after his address at the event. "APIX will eventually connect our companies to financial institutions globally," he said. "Across the world, from the Indo-Pacific to Africa to Latin America, we see inspiring stories of extraordinary innovation changing ordinary lives. But, there is much to be done," he said.
PM said the digital technology was introducing transparency and eliminating corruption through innovations such as the Government e-Marketor GEM. "There is an explosion of fintech innovation and enterprise in India. It has turned India into a leading fintech and Startup nation in the world. The future of fintech and Industry 4.0 is emerging in India," he said.
Prime Minister Modi became the first world leader to address the festival which was launched in 2016 and is in its third edition. "It is a great honour to be the first Head of Government to deliver the keynote address at Singapore Fintech Festival," he said.
"We are in an age of a historic transition brought about by technology. From desktop to cloud, from Internet to social media, from IT Services to Internet of Things, we have come a long way in short time," the premier said.
Later in the day, the Prime Minister will participate in the Regional Comprehensive Economic Partnership Leaders' Meeting.
In his departure statement, Prime MInister said that 'My participation in these meetings symbolizes our continued commitment to strengthening our engagement with ASEAN Member States and with the wider Indo-Pacific region.'
Prime Minister will participate in the India-ASEAN Summit that will be held on the 14th November. He will also hold bilateral talks with Singapore and Thailand. Establishing peace and stability as well encouraging mutual and inclusive growth in the Indo-Pacific region is high on PM Modi's agenda. He will also participate in the East Asia Summit on the 14th November. The issues which are on the table include Russia, America and Japan are also participating in this Summit.
Prime Minister Narendra Modi is expected to hold bilateral as well as pull aside meetings with President Putin, Prime Minister Shinzo Abe as well a other world leaders.
He would also be meeting the participants of India Singapore Hackathon. This hackathon was agreed to in June this year during Prime Minister's Singapore visit. | | | | |
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