November 14, 2018: Prime Minister Narendra Modi today said, technology is creating boundless opportunities to transform lives of the people. Delivering the keynote address at the Singapore Fintech Festival, Mr Modi said, it is defining competitiveness and power in the new world.
Mr Modi said, it is a great honour for him to be the first Head of Government to deliver his address at the event. He said, it is an acknowledgment of the financial revolution sweeping through India and transforming the lives of 1.3 billion people. He said the Fintech is a celebration of belief in the spirit of innovation and power of imagination. It is also a celebration of belief in making the world a better place.
The Prime Minister said, his government came to office in 2014 with a mission of inclusive development that would change the life of every citizen and that mission needed a solid foundation of financial inclusion for all-a task. He said, with the power of fintech and the reach of digital connectivity, the government has started a revolution of unprecedented scale and pace.
He said, today more than a billion biometric identities, bank accounts and cell phones give India by far the biggest public infrastructure in the world. He said, India is a nation of diverse circumstances and challenges and its solutions must also be diverse. Mr Modi said, India’s digitisation is a success because our payment products cater to everyone. He said, every digital payment saves time and it is increasing the productivity of individuals and the economy. He said, digital technology is also introducing transparency and eliminating corruption through innovation.
The Prime Minister said, there is an explosion of fintech innovation and enterprise in India. It has turned the country into a leading fintech and Startup nation in the world. He said, India is the best destinations for all the fintech companies and startups. Mr Modi said, Indian story shows six great benefits which are access, inclusion, connectivity, ease of living, opportunity and accountability. The Prime Minister also stressed on the need for using fintech tools to combat money laundering and other financial crimes. He said, the emerging world of finance will succeed in our inter- connected world when our data and systems are trusted and secure. He said, we must ensure that the pace and push of fintech work to the advantage of the people and not to their disadvantage.
Later, Mr Modi launched APIX or Application Programming Interface Exchange which is a global fintech platform with Deputy PM of Singapore T. Shanmugaratnam. APIX will eventually connect Indian companies to financial institutions globally. About 30 thousand people attended the keynote address of Mr. Modi at this Festival.
Prime Minister arrived in Singapore this morning on a two-day visit to attend the East Asia Summit, ASEAN-India informal meet and the Regional Comprehensive Economic Partnership (RCEP) Summit.
Mr Modi will also attend the RCEP Summit to review the progress made on the negotiations to finalise the proposed free trade agreement. It is being negotiated amongst sixteen countries including ten ASEAN Member States and India, Australia, China, Japan, New Zealand and Republic of Korea. Later, Mr. Modi visited Indian Pavillion at the Fintech Festival and interacted with exhibitors. (AIR News)