Fintech innovation will be incomplete without fintech security innovation: PM Modi
- IBEF
- December 6, 2021
Mr. Narendra Modi, Prime Minister, India believes that innovation in the growing fintech industry will be incomplete without security innovation in fintech. The development is vital, given a surge in the suitability of fintech related products and services. He virtually inaugurated inFinity Forum, a forum for fintech deliberations during which he emphasized the importance of fintech security. According to him, the fintech industry provides enhanced access to formal credit, provides finance to the masses in India, and brings financial security to attention. Further, Mr. Modi believes that the fintech industry has been immensely successful in connecting people from all walks of life. The fintech industry is primarily driven by the word “trust”.
Mr. Modi highlighted the importance of sharing public experiences and expertise in India with the world. According to the PM, Digital public infrastructure solutions can help improve the lifestyle of people around the world. Various tools like Unified Payments Interface (UPI) and Rupay can help provide a low-cost, dependable payment system, domestic card scheme, and fund remittance system to people worldwide. The country’s maiden International Financial Services Centre (IFSC), the Gift City, represents the country’s openness to ideas and investment. The Gift City aims at providing the best-in-class international financial services to the world. Finance combined with technology can help develop the weaker sections of society and help drive the fintech revolution. The PM considers income, investments, insurance, and institutional credit to be the key pillars of financial inclusion and the combination of all these pillars can lead to increased participation in the financial sector.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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