Prime Minister Narendra Modi on Friday urged the fintech industry in India to convert their Fintech initiatives into a Fintech revolution.

“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”, Modi said after virtually inaugurating the InFinity Forum, a leadership forum on Financial Technology, jointly hosted by the Gift City regulator IFSCA and Bloomberg.

Modi highlighted that the Fintech industry in India is already innovating to enhance access to finance and the formal credit system to every person in the country.

He also said that technology is making a big shift in finance, and mobile payments last year exceeded ATM cash withdrawals for the first time. Without any physical branch offices, fully digital banks are already a reality, and may become commonplace in less than a decade, Modi added.

The two-day summit will see participation from more than 70 nations, while Indonesia, South Africa and the United Kingdom are partner countries.

This InFinity Forum has brought together the leading minds of the world in business and technology to discuss how technology and innovation can be leveraged by the Fintech industry for inclusive growth and serving humanity at large.

Modi said that India has proved that it is second to none when it comes to adopting technology or innovating around it.

Issues that need attention

While noting that common Indian has shown immense trust in the Indian Fintech ecosystem by embracing digital payments and such technologies, Modi highlighted that this trust is a responsibility. “ Trust means that you need to ensure that the interest of people are secured. Fintech innovation will be incomplete without fintech security innovation”, he said.

Gift City

On Gift City in Gujarat, Modi said that it is not merely a premise, it represents the promise of India’s democratic values, demand, demography and diversity. “ It represents India’s openness to ideas, innovation and investment. Gift City is a gateway to the global Fintech world. IFSC at Gift City was born out of the vision that finance combined with technology would be an important part of India’s future development. Our aim is to provide the best international financial services not just for India but for the world”, Modi said.

Prime Minister said that finance is the lifeblood of an economy, and technology is its carrier. Both are equally important for achieving “Antyodaya and Sarvodaya”.

He said that the flagship infinity forum is part of the endeavour to bring together all key stakeholders of the global Fintech industry to explore the limitless future of the industry.