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"I say this to all fintech companies and startups: India is your best destination," said Modi, the main speaker of Singapore's Fintech festival. "Just as the size of India has lowered the price of light-emitting diodes, it will also allow fintech products to achieve economies of scale, reduce risks and costs, and to globalize."
"India has an explosion of innovations and companies in the financial technology sector, and India has become a leading country in the fintech and start-up sector around the world. the fintech and industry 4.0 is emerging in India "
Modi is in Singapore until Friday. He is scheduled to attend a series of summits, including a meeting of Asean. The fintech festival in Singapore is the largest event of its kind in the world, involving industry leaders and small startups.
On this occasion, Modi launched APIX (Application Programming Interface), a banking technology designed to reach two billion people without a bank account in the world.
To begin, APIX will connect Indian and Asian fintech companies and financial institutions. It will eventually connect Indian companies to banks and financial institutions around the world.
APIX was launched by the Asean Financial Innovation Network (AFAN) and set up by the Asean Bankers Association, the World Bank-IFC and the Monetary Authority of Singapore.
"It is here, in June of this year, that I launched India's RuPay card and the first mobile money transfer application using a world-clbad unified payment interface or UPI in India" said the Prime Minister.
Modi stated that financial technologies should be used to combat money laundering and other financial crimes, and to improve the human condition "through direct contact with the most marginalized".
He stated that financial inclusion had become a reality for 1.3 billion Indians. He pointed out the impact of the Indian government's work, highlighting the creation of biometric identities via Aadhaar and the opening of new bank accounts.
"More than a billion biometric identities, over a billion bank accounts and over one billion cellphones are by far the largest public infrastructure in the world" , did he declare.
"The fintech festival is also a celebration of belief, a belief in the spirit of innovation and the power of the imagination, a belief in the energy of youth and its pbadion for change. "
"My government came to power in 2014 with an inclusive development mission that would touch the lives of every citizen – the weakest of the remote village … With the power of financial technology and the reach of digital connectivity, we started a revolution of unprecedented speed and scale, "Modi said.
Indian history shows six great benefits of financial technology: access, inclusion, connectivity, ease of life, opportunity and responsibility, noted the prime minister.
"We can use the fintech to make sure that no dream is ever realized and that no business is yet born due to lack of access to finance."
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