Prime Minister Narendra Modi at GFFImage credit source: PTI
Prime Minister Narendra Modi today met face-to-face with fintech experts from across the world. At the ‘Global Fintech Fest’ organised in Mumbai, he spoke about India’s digital revolution and the contribution of fintech companies in it. Regarding the use of artificial intelligence for cyber security and new technologies in banking, he also said that even today India is creating fintech products that are local, but their global application is global. After all, what is the meaning of his words?
In fact, Prime Minister Narendra Modi said that India’s digital revolution is not just about innovation. Rather, it also focuses on adaptation along with innovation. This is the reason why the common people of India have quickly completed the currency-to-QR code payment cycle.
Global product despite being local.
PM Modi said that the world of the 21st century is changing very rapidly. The journey from currency to QR code took centuries. But now it won’t take that long to change the world. We now see innovation every day. Systems like digital-only banking and neo-banking are in front of us. The innovation of Soundbox with QR code is unique in India.
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He said that technology like digital twins will facilitate banking-related work like risk management and fraud detection in the future. In the coming times, it will change the banking and customer experience. New fintech products are continuously being launched in India, which are local, but their application is global.
Role of digital public infrastructure
In his address, Prime Minister Modi mentioned schemes like digital public infrastructure, e-rupee (digital currency), ONDC and UPI in this context. He said that today the Open Network for Digital Commerce (ONDC) is making e-commerce inclusive and has worked to connect small businesses with big opportunities.
Not only this, while mentioning the contribution of Fintech, PM Modi also talked about democratising the banking sector, making loans accessible to all and facilitating access to new investment options for all through demat accounts.
