Prime Minister Narendra Modi on Wednesday became the first head of government to deliver the keynote address at Singapore Fintech Festival.
It is a great honour to be the first Head of Government to deliver the keynote address at Singapore Fintech Festival: PM pic.twitter.com/48PSYr7m46
— PMO India (@PMOIndia) November 14, 2018
In his address PM Modi spoke about how financial inclusion has become a reality for 1.3 billion Indians.
“It is an acknowledgement of the financial revolution sweeping through India and transforming lives of 1.3 billion people,” said the Prime Minister.
“We have generated more than 1.2 billion biometric identities- Aadhaar or foundation- in just a few years,” the Prime Minister said at the event….The character of the global economy is changing. Technology is defining competitiveness and power in the new world. And, it is creating boundless opportunities to transform lives,” he added.
Speaking at the world’s largest event on financial technology, PM Modi said technology has transformed governance and delivery of public services in India and unleashed innovation, hope and opportunities.
“Technology is defining competitiveness and power in the new world and it is creating boundless opportunities to transform lives,” PM Modi said.
“It has empowered the weak and brought into mainstream those who were on the margins. It has made economic access more democratic,” he added.
“The Indian story shows six great benefits of fintech: Access, inclusion; connectivity; ease of living; opportunity; and, accountability,” the Prime Minister said at the event.
PM Modi also launched APIX (Application Programming Interface Exchange), a global fintech platform with Deputy PM of Singapore T Shanmugaratnam after his address at the event. “APIX will eventually connect our companies to financial institutions globally,” he said.
PM said the digital technology was introducing transparency and eliminating corruption through innovations such as the Government e-Marketor GEM.
“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,” he said.
Prime Minister Modi became the first world leader to address the festival which was launched in 2016 and is in its third edition.
“We are in an age of a historic transition brought about by technology. From desktop to cloud, from Internet to social media, from IT Services to Internet of Things, we have come a long way in short time,” the prime minister said.
Later in the day, the Prime Minister will participate in the Regional Comprehensive Economic Partnership Leaders’ Meeting.
Prime Minister will participate in the India-ASEAN Summit that will be held on the 14th November. He will also hold bilateral talks with Singapore and Thailand.
He will also participate in the East Asia Summit on the 14th November. The issues which are on the table include Russia, America and Japan are also participating in this Summit.
Prime Minister Narendra Modi is expected to hold bilateral as well as pull aside meetings with President Putin, Prime Minister Shinzo Abe as well a other world leaders.
He would also be meeting the participants of India Singapore Hackathon. This hackathon was agreed to in June this year during Prime Minister’s Singapore visit.