Fintech innovation will be incomplete without fintech security innovation: PM Modi
Prime minister Modi said that the common Indian has shown immense trust in the fintech ecosystem by embracing digital payments and such technologies. This trust is a responsibility. Trust means the interest of people must be secured
PremiumInnovations in the booming fintech industry will be incomplete without innovations in its security infrastructure, as fintech products and services have touched the lives of the masses, Prime Minister Narendra Modi said on Friday.
In his address at the inauguration of the InFinity Forum, a thought-leadership conclave on fintech, Modi said security features of products will be key as the fintech sector enhances easy access to finance and formal credit to every person in the country.
“The fintech industry has achieved huge scale, and scale means people from all walks of life as customers. This fintech acceptability among the masses has a unique feature—trust. The common man has shown immense trust in our fintech ecosystem by embracing digital payments and technologies. This trust is a responsibility. Trust means you need to ensure the interests of the people are secured," he added.
“Fintech innovation will be incomplete without fintech security innovation," the PM said at the virtual event organized by the International Financial Services Centres Authority and Bloomberg with Indonesia, South Africa and the UK as partner countries.
Modi emphasized the need for sharing the experience and the expertise available in India with the rest of the world, and learning from others. “Our digital public infrastructure solutions can improve the lives of people around the world. Tools like Unified Payments Interface (a real-time payment system) and RuPay (a payment service) provide unparalleled opportunities for every country—an opportunity to provide low-cost, reliable payment system, as well as a domestic card scheme and fund remittance system," the PM said.
Gujarat’s Gift City, where the first International Financial Services Centre is located, represents India’s openness to ideas and investment. India is offering simplified regulatory regime to businesses operating from the IFSC to develop a global financial services centre like Singapore or London. The International Financial Services Centres Authority regulates firms operating there.
“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 financial services not just for India, but for the world," the PM said.
Modi said both finance and technology are equally important in achieving ‘antyoday’ and ‘sarvoday’—development of the weakest section of the society as well as the development of all. “InFinity Forum is a forum of belief—belief in the spirit of innovation and the power of imagination, belief in the energy of youth and the passion for change. Belief in making the world a better place. Let us together explore and advance innovative ideas in fintech to solve the most pressing issues emerging globally," he said.
The PM said that financial inclusion is the driver of fintech revolution, which rests on four pillars—income, investments, insurance and institutional credit. “When income grows, investment becomes possible. Insurance cover enables greater risk-taking ability and investments. Institutional credit gives wings for expansion. We have worked on each of these pillars," Modi added.
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