New Delhi :
Prime Minister Narendra Modi on Wednesday delivered a keynote address at the Singapore Fintech Festival – world’s largest event on financial technology. During his address, the prime minister said that technology has brought a historic transition and transformation and pitched India as a favourite investment destination.
Speaking at the event, Modi said, “We are in an age of a historic transition brought about by technology. 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.”
The prime minister said that the explosion of finch innovation turned India into a leading Startup nation in the world and the future of fintech was emerging in the country.
“There is an explosion of finch innovation and enterprise in India. It has turned India into a leading finch and Startup nation in the world. The Future of fintech and Industry 4.0 is emerging in India,” he said.
Modi said that technology has empowered the weaker and marginalised section of the society, adding that financial inclusion became a reality for 1.3 billion Indians.
“It (technology) has empowered the weak and brought into mainstream those who were on the margins. It has made economic access more democratic.
“Financial inclusion has become a reality for 1.3 billion Indians. We have generated more than 1.2 billion biometric identities - Aadhaar, in just a few years,” he said.
'Power of fintech is to drive prosperity'
The power of fintech is to drive prosperity. It provides everything. Rapidly rising digital transactions in India powered by Rupay & BHIM. Today, 128 banks in India are connected to UPI. Transactions on UPI grew 1500 times in the last 24 months. Every month, the value of the transactions is growing by over 30 per cent,” Modi said.
Earlier in the day, the prime minister received a warm welcome upon his arrival in Singapore on a two-day visit. Several people from the Indian community gathered to welcome Modi despite rains.
"Extremely touched by the affection of the Indian community in Singapore. Their warm welcome, so early in the morning amidst the rain, was touching. India’s diaspora makes our nation very proud. They have succeeded all over the world, in a wide range of areas," Modi tweeted along with pictures of him meeting people.
During the visit, the prime minister will attend the East Asia Summit, an ASEAN-India informal meet and the Regional Comprehensive Economic Partnership summit. He will also hold a meeting with US Vice President Mike Pence.