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Need to convert Fintech initiatives into Fintech revolution: PM Modi

Prime News, National, Digital Technology, Finance, New Delhi, December 3:- Prime Minister Narendra Modi on Friday (December 3) underlined the need for converting Fintech initiatives into Fintech revolution to provide a low-cost and reliable payment system to the masses.

Speaking at the InFinity Forum through video conferencing, he said technology is bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals.

Fully digital banks without any physical branch offices are already a reality and may become commonplace in less than a decade, he said.

“Now, it is time to convert these Fintech initiatives into a Fintech revolution…A revolution that helps to achieve financial empowerment of every single citizen of the country,” the Prime Minister said.

With the widening reach of Fintech, there are considerations that need attention, he said, adding the 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,” he noted.

Modi said that India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. He said the transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.

Terming the GIFT City a gateway to the global fintech world, the Prime Minister said it is not merely a premise, it represents India. He said it represents India’s democratic values, demand, demography and diversity. He said it also represents India’s openness to ideas, innovation and investment.

Prime Minister said, Finance is the lifeblood of an economy and technology is its carrier. He said, both Finance and Technology are equally important for achieving Antyodaya and Sarvodaya.

The two-day event is being hosted by International Financial Services Centres Authority under the aegis of government of India in collaboration with GIFT City and Bloomberg. Indonesia, South Africa and the United Kingdom are partner countries in the first edition of the forum. (Inputs: Agencies, NGB)

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