India has been witnessing the explosion of the financial technology (fintech) innovation and the enterprise thereby making the country the best destination, Prime Minister Narendra Modi told the world’s largest gathering of fintech firms in his visit to Singapore on Wednesday as he exhorted that fintech can be used for fighting global financial crimes.
“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.”
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“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.”
Modi’s visit in Singapore would last till friday. During his stay in Singapore, Modi would be attending series of summits.
He has also scheduled to attend the series of summits those include an Asean meeting.
The Fintech festival hosted in Singapore is the biggest event of its kind in the world, attended by both industry leaders and smaller startups.
On this occasion, Modi has also launched Application Programming Interface Exchange (APIX).
It is a banking technology that is designed to reach the two billion people without the need of bank accounts across the world.
“The fintech festival is also a celebration of belief. Belief in the spirit of innovation and the power of imagination. Belief in the energy of youth and their passion for change.”
“My government came to office in 2014 with a mission of inclusive development that would touch the lives of every citizen – the weakest in the remotest village…With the power of fintech and the reach of digital connectivity, we have started a revolution of unprecedented speed and scale,” Modi said.
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