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Updated on: Friday, December 03, 2021, 12:45 PM IST

Conversion of Fintech initiatives into revolution; to provide low-cost payment is necessary: PM Modi

Speaking at the InFinity Forum, PM Narendra Modi said technology is bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals / Representative Image | Photo: Twitter

Speaking at the InFinity Forum, PM Narendra Modi said technology is bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals / Representative Image | Photo: Twitter

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Prime Minister Narendra Modi on Friday 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, 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.

PM Modi inaugurated InFinity Forum, a thought leadership forum on FinTech, on Friday at 10 AM via video conferencing. The event is being hosted by International Financial Services Centres Authority (IFSCA), under the aegis of the Government of India in collaboration with GIFT City and Bloomberg on December 3 and 4, 2021

''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.

InFinity Forum will bring 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.

The agenda of the Forum will focus on the theme of 'Beyond' with various sub themes including FinTech beyond boundaries, with governments and businesses focussing beyond the geographical boundaries in the development of global stack to promote financial inclusiveness; FinTech beyond Finance, by having convergence with emerging areas such as SpaceTech, GreenTech and AgriTech to drive sustainable development; and FinTech Beyond Next, with focus on how Quantum Computing could impact the nature of Fintech industry in the future and promote new opportunities.

(With inputs from agencies)

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Published on: Friday, December 03, 2021, 12:41 PM IST
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