Fintech has immense opportunity in India- says PM Modi

Prime Minister Narendra Modi said that India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. He said, transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance. Prime Minister Narendra Modi  on Friday inaugurated InFinity Forum through video conferencing. The event is being hosted by International Financial Services Centres Authority under the aegis of Government of India in collaboration with GIFT City and Bloomberg. Indonesia, South Africa and the U.K. are partner countries in the first edition of the forum.  Modi said, fintech has immense opportunity in the country and now it is a time to convert these fintech initiatives into a fintech revolution. He said, this revolution will help to achieve financial empowerment of every single citizen of the country. Modi said, Fintech is resting on four pillars - income, investments, insurance and institutional credit.
He said, India's digital public infrastructure solutions can improve the lives of citizens around the world. Prime Minister said, mobile payments exceeded ATM cash withdrawals for the first time last year in the country and fully digital banks have become a reality and may become commonplace in less than a decade.Terming the GIFT City a gateway to the flobal fintech world, the Prime Minister said, it is not merely a premise, it represents India. He said, it represents India’s democratic values, demand, demography and diversity. He said, it also represents India’s openness to ideas, innovation and investment. Prime Minister said, Finance is the lifeblood of an economy and technology is its carrier. He said, both Finance and Technology are equally important for achieving Antyodaya and Sarvodaya.
InFinity Forum has an interesting theme ‘Beyond.’ As the name suggests, it will set the tone for stakeholders to think beyond conventional mindsets and approaches and discuss new trends in SpaceTech, GreenTech, AgriTech, quantum computing and more.InFinity Forum will bring together leading minds of the world in policy, business and technology. They will discuss and come up with actionable insight into how technology and innovation can be leveraged by the FinTech industry for inclusive growth and serving humanity at large.