India is witnessing an explosion of financial technology (fintech) innovation and enterprise, making the country the best destination, Prime Minister Narendra Modi told the world’s largest gathering of fintech firms in Singapore on Wednesday as he exhorted that fintech can be used to fight global financial crimes.
“I say this to all the fintech companies and startups: India is your best destination,” Modi, the keynote speaker at the Singapore Fintech Festival, said. “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.”
“There is an explosion of fintech innovation and enterprise in India. It has turned India into a leading fintech and Startup nation in the world. The future of fintech and Industry 4.0 is emerging in India.”
Modi is in Singapore till Friday. He is scheduled to attend a series of summits, including an Asean meeting. The Singapore fintech festival is the biggest event of its kind in the world, attended by both industry leaders and smaller startups.