PM Modi presents India as a favored destination for investment at the Fintech festival in Singapore

Prime Minister Narendra Modi said Wednesday that financial inclusion had become a reality for 1.3 billion Indians, while he was placing India on the list of favorite destinations for investments at the Fintech Festival.

Modi became the first world leader to speak at the festival launched in 2016 and now in its third year.

"Financial inclusion has become a reality for 1.3 billion Indians.We have generated more than 1.2 billion biometric identities – Aadhaar or foundation – in just a few years" , said Modi during the event.

The Singapore Fintech Festival (SFF) is already the biggest event in the world devoted to financial technology – or fintech. In 2017, the event attracted up to 30,000 participants from over 100 countries.

The SFF includes a three-day conference and a FinTech Enterprise and Capability Exhibition, a FinTech Global Solutions Contest, and a platform for matching entrepreneurs and investments.

Modi said through Aadhaar's intermediary and mobile phones that his government had launched Jan Dhan Yojana and opened 330 million new bank accounts in three years.

"These are 330 million sources of identity, dignity, and opportunity." Less than 50 percent of Indians had bank accounts in 2014. Today, it's almost So, today, more than a billion biometric identities, over a billion bank accounts and over a billion mobile phones are by far the most the world's largest public infrastructure in India, "said Modi.

"We are in the era of a historic transition brought about by technology: from the office to the cloud, from the Internet to social media, from computer services to the Internet of Things, we have come a long way in a short time, "he said. .