New Delhi: Prime Minister Narendra Modi inaugurated the InFinity Forum, a thought leadership forum on Fintech today via video conferencing. Addressing the event, PM Modi said that the history of currency shows tremendous evolution.
He said, "As humans evolved, so did the form of our transactions. From barter system to metals, from coins to notes, From cheques to cards, Today we have reached here."
The Prime Minister further said that last year, in India, mobile payments exceeded ATM cash withdrawals for the first time. Fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.
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PM Modi said that India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.
He further said that 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.
PM said that India believes in sharing its experiences and expertise with the world and learning from them as well. He assured that Digital Public Infrastructure solutions can improve the lives of citizens around the world.
Talking about the GIFT City, Modi said that it is not merely a premise, it represents India. It represents India’s democratic values, demand, demography & diversity. It represents India’s openness to ideas, innovation & investment. GIFT City is a gateway to the global fintech world.
The two-day event is being organised by the International Financial Services Centres Authority (IFSCA) in collaboration with the Government of India, GIFT city, and Bloomberg on December 3 and 4. The first edition of the Forum has Indonesia, South Africa, and the UK as partners.
The central theme of the Forum is ‘Beyond’ with various sub-themes like FinTech beyond boundaries, FinTech beyond Finance, and FinTech Beyond Next. FinTech beyond boundaries refers to the collaboration of governments and businesses beyond geographical boundaries.
FinTech beyond Finance is about convergence in areas such as SpaceTech, GreenTech, and AgriTech to promote sustainable development. FinTech Beyond Next focuses on quantum computing and its impact on the Fintech industry.
The Infinity Forum would bring together the leading minds from the fields of business, technology, and policy to strategise and assess the growth of the financial technology industry to serve the people.
The forum would have participation from more than 70 countries. The participants will include representatives from several countries like Indonesia and Malaysia. It will also include Reliance Industries Chairman & MD Mukesh Ambani, Chairman & CEO of IBM Corporation, Arvind Krishna, MD & CEO Kotak Mahindra Bank Limited Mr. Uday Kotak, among others.
The key partners of the forum are NITI Ayog, Invest India, FICCI, and NASSCOM.