PM Modi inaugurates FinTech leadership forum 'InFinity'; highlights India's digital vision

On Friday, Prime Minister Narendra Modi inaugurated a leadership forum on financial technology (FinTech). The first edition of the summit was launched through virtual conferencing. More than 70 countries have attended the summit, according to the Prime Minister's Office (PMO), with Indonesia, South Africa, and the United Kingdom serving as partner countries.

In his keynote address at the InFinity Forum, PM Modi said, "The history of a currency shows tremendous evolution. As humans evolved, so did the form of our transactions. From barter system to metals, from coins to notes, From cheques to cards, Today we have reached here (digital payments)." "Last year, in India, mobile payments exceeded ATM cash withdrawals for the first time. Fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade," he added. 

Hailing Digital India initiative PM Modi noted, "India has proved to the world that it is second to none when it comes to adopting technology or innovating around it. Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance." PM Modi remarked that "it's now time to turn these fintech projects into a fintech revolution. A revolution that enables every citizen of the country to achieve financial empowerment."

In his speech, the Prime Minister said, "We believe in sharing our experiences and expertise with the world and learning from them as well. Our Digital Public Infrastructure solutions can improve the lives of citizens around the world."

PM Modi speaks at InFinity Forum event

PM Modi also mentioned the GIFT (Gujarat International Finance Tec-City ) city project during the summit to highlight India's vision towards fintech. He stated, "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. GIFT City is a gateway to the global fintech world.

The two-day summit will bring together the world's top business and technology brains to debate how the FinTech industry can use technology and innovation to promote inclusive growth and serve humankind as a whole. The International Financial Services Centres Authority (IFSCA), which is under the auspices of the Government of India, is hosting the event in partnership with GIFT City and Bloomberg.

Malaysian and Indonesian finance ministers were among the speakers. Also, Mukesh Ambani, chairman of Reliance Industries; Masayoshi Son, CEO of SoftBank Group; Arvind Krishna, Chairman and CEO of IBM Corporation; and Uday Kotak, CEO of Kotak Mahindra Bank were among the speakers.

Image: @narendramodi/Twitter