Inaugurating ‘InFinity Forum’ on FinTech via a virtual conference on Friday, Prime Minister Narendra Modi said that the history of currencies shows tremendous evolution and India has proved to the world that “it is second to none" when it comes to adopting technology or innovating around it.
‘Infinity Forum’ is the flagship financial technology event by the International Financial Services Centres Authority (IFSCA), a unified authority for the development and regulation of financial products, financial services and financial institutions in India. This is the first edition of the thought leadership forum inaugurated by PM Modi on Friday.
Speaking on ‘GIFT City’, PM Modi said that is “not merely a premise”, rather “it represents India”. “It represents India’s democratic values, demand, demography and diversity and its openness to ideas, innovation and investment. GIFT City is a gateway to the global FinTech world,” he 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 added.
Last month, Union Finance Minister Nirmala Sitharaman had said that the Centre wants to make GIFT-IFSC city in Gujarat a global financial gateway. Gujarat International Finance Tec-City is a business district in the state of Gujarat.
Sitharaman had led a delegation which included two Ministers of State for Finance and Secretaries from the Ministry of Finance and Ministry of Corporate Affairs to GIFT City. During her visit, she announced that Department of Economic Affairs has just last week approved three key proposals for International Financial Services Centre Authority (IFSCA) worth Rs 500 crore
On India’s role in innovations, PM Modi said, “Now it is time to convert these fintech initiatives into a fintech revolution. A revolution that helps to achieve financial empowerment of every single citizen of the country. 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.”
“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. The history of 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,” the PM said.
On Wednesday, PM Modi had said that the InFinity Forum will set the tone for stakeholders to think beyond conventional mindset, and approach and discuss new trends in SpaceTech, GreenTech, AgriTech, quantum computing and more.
“The InFinity Forum has an interesting theme ‘Beyond’… On Friday, 3rd December at 10 AM a very interesting programme will take place to mark the launch of InFinity Forum. This is a thought leadership forum with a focus on aspects relating to FinTech and using it for inclusive growth," he had tweeted.
Modi had urged youngsters, especially those in the world of startups, tech and innovation to know more about the InFinity Forum and take part in the programme.