Fintech can be used to make the world a better place, it should be used to fight financial crimes: Modi

“India is your best destination for investment. Development of all and development of the most marginalised should be our motto,Fintech can be used to make the world a better place, Fintech should be used to fight financial crimes,Financial inclusion a reality for 1.3 billion Indians, Outlines impact of Indian government’s work, mentions Aadhaar, new bank accounts.India is witnessing an explosion of financial technology (fintech) innovation and enterprise, I say this to all the fintech companies and startups: India is your best destination, Just as India’s scale brought down the LED price, it will also enable fintech products to achieve scale, reduce risks and costs, and go global.”Be bullish on India. Aadhaar biometrics enabled opening of 300m bank accounts in a year. Usd12bn in preventative leakage; scholarships and pensions paid direct. 400,000 micro atms opened. 1bn bank accounts and cell phones enabling insurance.Fintech is technology that enables financial services (The PayTM app on your phone is an example.),fintech should be used to combat money laundering and other financial crimes, and improve the human condition through direct contact with the most marginalised.More than a billion biometric identities, more than a billion bank accounts and more than a billion cell phones give India by far the biggest public infrastructure in the world.”

Prime Minister Narendra Modi told the world’s largest gathering of fintech firms in Singapore on Wednesday.

 

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