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India best destination for fintech firms: Modi
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SME Times News Bureau | 14 Nov, 2018
Stressing that technology today is creating immense opportunities to
transform millions of lives, Prime Minister Narendra Modi on Wednesday
said here that there is an explosion of fintech innovation and
enterprise in India and the nation is "your best destination".
"The
future of fintech and Industry 4.0 is emerging in India," Modi told the
gathering in his keynote address at the Singapore Fintech Festival
(SFF) here, adding that India is 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.
Modi
said he would launch on Wednesday a global platform to connect fintech
firms and financial institutions, beginning with Asean and Indian banks
and fintech companies.
The Prime Minister arrived in Singapore on
Wednesday on a two-day visit to attend the East Asia Summit,
Asean-India informal meet and the Regional Comprehensive Economic
Partnership (RCEP) Summit.
"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," added Modi, the
first head of government to deliver the keynote address at the world's
largest financial technology festival.
Modi said that his government came to office in 2014 with a mission of inclusive development.
"Less than 50 per cent of Indians had bank accounts in 2014. Today, it is nearly universal," he told the audience.
"We are in an age of a historic transition brought about by technology," the Prime Minister added.
With
technology now defining competitiveness and power in the new world, the
character of the global economy is changing, he said.
"And, it is creating boundless opportunities to transform lives," he added.
Modi
said that digital technology is introducing transparency and
eliminating corruption through innovations such as the Government
e-Marketor GEM -- an integrated platform for purchases by government
agencies.
"No longer must a poor citizen in a remote village travel long distances or pay off middlemen to get her rights.
"No
longer can fake and duplicate accounts bleed government finances. We
have saved over Rs 80,000 crore, or $12 billion in prevented leakages,"
Modi said.
"Our digitisation is a success because our payment products cater to everyone," he added.
The
Singapore Fintech Festival (SFF) was launched in 2016. Now in its third
edition, SFF 2018 has attracted over 30,000 participants from over 100
countries.
With 18 participants, the India Pavilion has the highest number of companies among the 16 country pavilions at the exhibition.
Modi
was set to present awards to winners of the first "India-Singapore
Hackathon 2018" which aims to harness the innovation potential of the
youth from the two nations.
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Customs Exchange Rates |
Currency |
Import |
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US Dollar
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87.50
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84.65 |
Euro
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75.65 |
Japanese
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56.85 |
As on 13 Aug, 2022 |
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