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PM Modi launches InFinity Forum calls for FinTech revolution

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PM Modi launches InFinity Forum calls for FinTech revolution

New Delhi, Dec 3 (KNN) Prime Minister Narendra Modi virtually inaugurated InFinity Forum, a thought leadership forum on FinTech organized by the International Financial Services Centers Authority (IFSCA), under the aegis of the Indian government in collaboration with GIFT City and Bloomberg on the 3rd and 4th December 2021.

Speaking about the currency’s development in his address note, he said mobile payments overtook cash withdrawals from ATMs for the first time last year, and fully digital banks with no branches physical, are already a reality and could become commonplace in less than a year. decade.

He noted that India has proven to the world that it is second to none when it comes to adopting or innovating around technology, according to the press release.

Prime Minister Modi stressed that now is the time to convert these fintech initiatives into a fintech revolution. “A revolution that contributes to the financial empowerment of every citizen of the country,” he said.

Explaining how technology has also catalyzed financial inclusion, he pointed out that out of less than 50% of Indians with bank accounts in 2014, India has almost universalized it with 430 million Jan Dhan accounts in the past 7 years.

He also listed initiatives such as 690 million RuPay cards recording 1.3 billion transactions last year; UPI processed about 4.2 billion transactions last month alone; nearly 300 million invoices are uploaded to the GST portal every month; despite the pandemic, around 1.5 million train tickets are booked online every day; last year, FASTag processed 1.3 billion transparent transactions; Prime Minister Svanidhi enabled access to credit for small vendors across the country; e-RUPI enabled the targeted delivery of specified services without leaks.

Prime Minister said Modi, Fintech is based on 4 pillars: income, investments, insurance and institutional credit. “When income increases, investing becomes possible. Insurance coverage allows for greater risk-taking and investment capacity. Institutional credit gives wings to expansion. And We worked on each of these pillars. When all of these factors come together, suddenly you find a lot more people participating in the financial sector, ”the Prime Minister explained.

He stressed the importance of trust in fintech in light of the wide acceptance of these innovations among the masses. The Common Indian has shown immense confidence in our Fintech ecosystem by embracing digital payments and these technologies. “This trust is a responsibility. Trust means you have to make sure people’s interests are protected. Fintech innovation will be incomplete without innovation in fintech security, ”he said.

The Forum’s agenda focuses on the theme “Beyond”; with various sub-themes, including FinTech Beyond Borders, with governments and businesses focusing across geographic borders in developing a global stack to promote financial inclusion; FinTech beyond finance, by having a convergence with emerging fields such as SpaceTech, GreenTech and AgriTech to promote sustainable development; and FinTech Beyond Next, with a focus on how quantum computing could impact the nature of the FinTech industry going forward and promote new opportunities.

Indonesia, South Africa and the United Kingdom are partner countries of the first edition of the Forum and have a participation of more than 70 countries.

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