India prime minister says financial tech needs to be a ‘movement’ — not a ‘mechanism’

Thursday, November 15, 2018

By Saheli Roy Choudhary

Indian Prime Minister Narendra Modi said on Wednesday that the development of financial technology, or fintech, should be a movement that can improve the lives of the world’s most marginalized people.

“We are in an age of a historic transition brought about by technology: From desktop to cloud, from internet to social media, from IT services to internet of things, we have come a long way in a short time,” Modi said at the Singapore FinTech Festival on Wednesday morning.

Modi, who is in Singapore for the East Asian Summit and to meet leaders of the Association of Southeast Asian Nations, said history has shown that the financial industry is often the first to embrace new technologies and connectivity.

Photo courtesy of Meena Kadri.

Source: CNBC (link opens in a new window)

digital finance, financial inclusion, fintech, startups