NEW DELHI: Prime Minister Narendra Modi on Friday called for ensuring security, while pushing for a fintech revolution, while pitching GIFT City as a hub for “ideas, innovation and investment”.
“Fintech industry has achieved huge scale, and scale means people from all walks of life as customers. This fintech acceptability among the masses has a unique feature. That feature is trust. The common Indian has shown immense trust in our fintech ecosystem by embracing digital payments and such technologies! This trust is a responsibility. Trust means that you need to ensure that the interests of people are secured. Fintech innovation will be incomplete without fintech security innovation,” he said at the Infinity Forum organised by the International Financial Services Centre Authority, the unified regulator.
The Modi government has been pushing for digital transactions and use of technology such as UPI, which was one of the objectives of demonetisation in 2016.
“Technology is bringing a big shift in the world of finance. Last year, in India, mobile payments exceeded ATM cash withdrawals for the first time. Fully digital banks, without any physical branch offices, are already a reality and may become common-place in less than a decade,” Modi said, while pointing to the use of technology to achieve financial inclusion goals in India.
He pitched India’s solutions, such as UPI, for use across the world and saidlow-cost options were possible. The PM said GIFT City, a project that houses the international financial centre, can offer the best financial services globally.
“Financial inclusion is the driver of fintech revolution. Fintech is resting on 4 pillars: Income, investments, insurance, and institutional credit. When income grows, investment becomes possible. Insurance coverage enables greater risk taking ability and investments. Institutional credit gives wings for expansion. And we have worked on each of these pillars. When all these factors come together, you suddenly find so many more people participating in the financial sector. The large base becomes the perfect springboard for fintech innovations.”Internet Explorer Channel Network