He added that fintech can be used to prevent crimes such as money laundering. He stated that fintech can improve the human condition via its direct contact with the marginalised.
While addressing a crowd of over 30000 people, he also launched global fintech platform APIX — Application Programming Interface Exchange — along with T.Shanmugaratnam, the Deputy PM of Singapore.
APIX was launched by ASEAN Financial Innovation Network (AFIN) in September 2018, to support collaboration between regulated financial institutions and fintech service providers.
With this, fintech companies and financial institutions in the ASEAN group of countries will be able to connect without facing regulatory hurdles. Further, it will also eventually connect Indian companies to banks and financial institutions around the globe.
“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,” Modi said.
He also pointed out the six benefits of fintech in India as the country has received access, inclusion, connectivity, ease of living, opportunity and accountability. Modi also spoke about the Indian government’s initiative of introducing biometric identities using the Aadhaar and opening of bank accounts.
According to reports, Modi will be staying in Singapore till Friday where he will be attending a number of summits including East Asian summit and ASEAN meetings.
Two years since demonetization, India’s fintech space has grown rapidly. A recent Ministry of Electronics and Information Technology (MeitY) release showed that the total number of digital payment transactions that took place in August, 2018, stood at 244.81 Cr. This is 207% increase in volume of transactions from 79.67 Cr transactions recorded in October 2016.
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