Common Indian has immense trust in Fintech ecosystem
Prime Minister Narendra Modi said India’s Digital Public Infrastructure solutions can improve the lives of citizens around the world as the country’s experts have the tendency to share experiences and expertise with the world and learn from them as well.
Inaugurating InFinity Forum, a thought leadership Forum on FinTech through video conference on 3 Dec 2021, he highlighted India’s tendency to share experiences and expertise with the world and learn from them as well. “Our Digital Public Infrastructure solutions can improve the lives of citizens around the world.”
“Finance is the lifeblood of an economy and technology is its carrier,” he pointed out.
The Prime Minister stressed that financial inclusion is the driver of the Fintech Revolution, pointing out that 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 Prime Minister elaborated.
He stressed the importance of trust in Fintech in the light of the wide acceptance of these innovations among the masses. “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.
The event was hosted by International Financial Services Centres Authority (IFSCA), under the aegis of the Indian Government in collaboration with GIFT City and Bloomberg on 3-4 December 2021. Indonesia, South Africa and the U.K. are partner countries in the first edition of the Forum.
InFinity Forum brought together the leading minds of the world in policy, business and technology to discuss and come up with actionable insight into how technology and innovation can be leveraged by the FinTech industry for inclusive growth and serving humanity at large. #technology #investment /fiinews.com
