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The online market will act as a bridge between the two parties, according to Varun Mittal, global leader in financial technology for emerging markets at EY.
"This gives both sides access." Financial institutions can have access to the best technology technology institutions can access data, customers and financial institutions, "Mittal told CNBC.
This makes it easier for companies to develop technologies that focus on financial inclusion, micro-savings and micro-investments, he added.
Modi addressed the topic of financial inclusion in his speech, citing the World Bank that had previously stated that 1.7 billion adults in the world still did not have access to a bank.
On Monday, the Managing Director of the Monetary Authority of Singapore, Ravi Menon, also explained how much of the world's population did not have access to bank accounts, secure payment methods and effective or to insurance coverage. According to Menon, who spoke at the fintech festival, the problem was twofold: banks face high costs to reach their customers in remote areas, while new technology companies lack resources to expand. in new markets.
"We must (…) ensure that the pace and dynamism of fintech benefits citizens and not their disadvantages.This financial technology ensures the improvement of the human condition through direct contact with the most marginalized "said Modi.
This includes the use of technology to improve regulation, manage risk, make financial institutions and banks more resilient, combat money laundering and other financial crimes, said the Prime Minister. The industry must also be prepared to answer the inevitable questions that would arise about data ownership, confidentiality, consent, law and ethics.
For its part, India has launched several initiatives to promote financial technologies in the country. They include the creation of bank accounts for the unserved and underserved population of the country and the adoption of biometric identities.
"Financial technology should not be just a mechanism but a movement," added Modi.
