Indian prime minister Narendra Modi has said technology has the power to tackle corruption and improve the lives of the most marginalised.
Addressing the Singapore Fintech Festival, Modi said through the power of financial technology (fintech), financial inclusion has been made possible for 1.3bn Indians since 2014 and more than 1.2bn biometric identities have been created in this time, as well as 330m new bank accounts opened.
During the festival, Modi also launched APIX, a project sponsored by the Indian and Singaporean governments to encourage financial inclusion in Asean countries and to allow for further collaboration among fintech companies and funders to explore new technologies.
Modi discussed India’s role as one of the world’s leading fintech and start-up nations and urged firms to look to India as the future of the fintech industry.
He said: “Our youth are developing apps that are making the dream of paperless, cashless, presence-less, and yet safe and secure, transactions possible for all. They are using artificial intelligence, blockchain and machine learning to create solutions for banks, regulators and consumers.”
“Just as India's scale brought down the LED price, it will also enable fintech products to achieve scale, reduce risks and costs, and go global.”
The speech also focused on the capabilities of digital technology to introduce transparency and eliminate corruption as well as how fintech should work to the advantage of people to ensure improvement of the human condition through direct contact with the most marginalised.
The festival, attended by both fintech industry leaders and start-ups, saw a gathering of 45,000 participants and more than 250 speakers.
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