Prime Ministers, Vice-Ministers, Presidents and Vice-Presidents are in Asia for meetings.
Indian Prime Minister Narendra Modi weighed in on the development and new world of financial technology of Fintech, saying that it is better as a “movement” rather than a “mechanism” that should be treated as such for the world`s marginalized people. Speaking from the Singapore FinTech Festival, Mr Modi said that technology is redefining competitiveness and power in the world and it is creating boundless opportunities to transform lives.
The PM of India, Mr Modi, worked with the Deputy PM of Singapore, Mr Tharman Shanmugaratnam to build an online marketplace that will connect technology startups with financial institutions in Asia and beyond. Mr Modi is participating in the East Asian Summit and to meet leaders of the Association of Southeast Asian Nations, but of course is showing his understanding of the internet, technology, the internet of things – embracing new ideas, technologies and connectivity at these meetings.
Modi addressed inclusion saying that according to the World Bank, 1.7 billion adults around the world remain outside the global financial system – they have no banking ties. This is to be rectified.
The discussion has been elevated to the top levels of Singaporean and Indian leaders – there are great numbers of people around the globe who have no access to bank transfers and banking, no access to loans and other banking services. Technology solutions are the way to allow access to the financial system with less or little startup capital.
The global system will be reinvented by technology and FinTech is a solution to bring more services ot the people – the 1.7 billion adults who do not currently have banking services.