India-Singapore works on regionalizing SMEs
Modi’s tributes to youth in India
Modi’s tributes to youth in India
Prime Minister Narendra Modi said India and Singapore are also working to connect Indian and ASEAN small and medium enterprises, anchored on an Indian platform, and expand it globally.
Announcing this in a keynote address in Singapore Fintech Festival, the Prime Minister also paid a tribute to the youth of India with their “eyes firmly fixed to the future”.
“It is an acknowledgement of the financial revolution sweeping through India and transforming the lives of 1.3 billion people,” Modi pointed to the Fintech Festival, the world’s largest of its kind.
“The Fintech Festival is also a celebration of belief,” he said at the opening address to the festival on 14 Nov 2018.
“Belief in the spirit of innovation and the power of imagination.
“Belief in the energy of youth and their passion for change. “Belief in making the world a better place.”
Singapore has been a global hub for finance and, it is now taking a leap into the digital future of finance, Modi noted.
In June 2018, Modi had launched India’s RuPay card and the first international remittance mobile app using India’s world class Unified Payment Interface or UPI.
“Today, I will have the honour to launch a global platform to connect fintech firms and financial institutions, beginning with ASEAN and Indian banks and fintech companies,” he said.
“We are in an age of a historic transition brought about by technology.
“From desktop to cloud, from internet to social media, from IT Services to Internet of Things, we have come a long way in a short time. There is daily disruption in businesses.
“The character of the global economy is changing,” he said.
Technology is defining competitiveness and power in the new world. In India, it has transformed governance and delivery of public services, Modi pointed out.
It has unleashed innovation, hope and opportunities. It has empowered the weak and brought into mainstream those who were on the margins. It has made economic access more democratic.
“With the power of fintech and the reach of digital connectivity, we have started a revolution of unprecedented speed and scale.
“To begin with financial inclusion has become a reality for 1.3 billion Indians. We have generated more than 1.2 billion biometric identities – called Aadhaar or foundation – in just a few years,” elaborated the Prime Minister.
He listed the India’s Jan DhanYojana which aims to give a bank account to every Indian. In three years, 330 million new bank accounts have been opened.
Banking has come to doorsteps even in remote villages through 400,000 micro ATMs based on Aadhaar.
The Prime Minister highlighted that 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.
“Our youth are developing apps that are making the dream of paperless, cashless, presence-less, and yet safe and secure, transactions possible for all. That is the wonder of India Stack– simply the largest set of Application Programming Interface in the world.
“They are using Artificial Intelligence, Blockchain and machine learning to create solutions for banks, regulators and consumers.
“And, they are also embracing our nation’s social missions – from health and education to micro credit and insurance,” he said.
This enormous talent pool in India benefits from the ecosystem created by initiatives such as Digital India and Startup India, and by supportive policies, incentives and funding programmes.
It also helps that India has the largest data consumption in the world and the cheapest rates for data. And one of the top nations in fintech adoption.
“So, I say this to all the fintech companies and startups – India is your best destination,” Modi said, inviting fintechs at the Festival. fiinews.com