Focus on security to retain people's trust, PM Modi tells fintech players

Prime Minister Narendra Modi speaks at the InFinity Forum through video conference in New Delhi on November 3, 2021. Twitter/@narendramodi  

Prime Minister Narendra Modi on Friday asked fintech firms to focus on ensuring greater security in their transactions to retain the trust of people who have embraced digital payments and financial technologies.

It was time to convert India’s fast fintech adoption, reflected in high volumes of UPI and other digital transactions, into a ‘fintech revolution that helps to achieve financial empowerment of every single citizen of this country’. Certain considerations needed attention in this endeavour, he said.

“Achieving this huge scale means that people from all walks of life have shown immense trust by accepting digital payments and technologies. Trust is a responsibility that you have, and you need to ensure that interests of the people are secure,” he noted.

Emphasising that fintech innovation would thus be incomplete without ‘fintech security innovation’, he observed that India believed in sharing its experiences and expertise with the world and learning from them as well.

“India’s finance is a lifeblood for the economy and technology is its carrier. Both are equally important for achieving Antyodaya as well as Sarvodaya,” he pointed out at the InFinity Forum organised by the International Financial Services Centres Authority (IFSCA) and Bloomberg.

Four pillars

The country’s financial inclusion efforts were the driver of the ‘fintech revolution’. “Fintech is resting on four pillars - income, investments, insurance and institutional credit. When income grows, investment becomes possible; insurance covers enable greater risk-taking ability and investments; and institutional credit brings means for advancement,” he stressed.

“When all those factors come together, you will suddenly find a large number of people embracing fintech innovation,” he remarked. India’s initiatives such as UPI and Rupay provided ‘an unparalleled opportunity for every country to provide a low-cost, reliable payment system as well as domestic funds remittance system’.

The GIFT City in Gujarat, he stated, was a gateway to the global fintech world and aimed to provide the best international financial services not just for India, but for the world.

“GIFT City 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. Let us together explore and advance innovative ideas in fintech to solve the most pressing issues emerging globally,” he concluded.

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Printable version | Jan 20, 2022 8:52:26 PM |

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