Narendra Modi Launches APIX Platform, Urges Fintech Investment in India

Stressing that technology today is creating immense opportunities to transform millions of lives, Prime Minister Narendra Modi said on Wednesday there is an explosion of fintech innovation and enterprise in Bharat and the nation is "your best destination".

"This has turned India into a leading fintech and startup nation in the earth. The time to come of fintech and Industry four.0 is emerging in Republic of india. I say this to all the fintech companies and startups — India is your best destination," Modi told the gathering at the Singapore Fintech Festival here.

"Financial inclusion has get a reality for nearly 1.3 billion Indians. Technology today is helping them define competitiveness and power in the new world," added Modi, the first caput of government to deliver the keynote address at the world's largest fiscal technology festival.

Modi as well launched APIX, or API Exchange platform which aims to drive fiscal inclusion beyond Asia Pacific, and create the correct conditions for financial institutions and fintech startups to operate, innovate and collaborate. The APIX initiative was announced in September and is led past the Monetary Authority of Singapore, the Asean Bankers Association and the World Bank's International Finance Corporation.

Towards enhancing global fiscal inclusion.

PM @narendramodi launching APIX (Application Programming Interface Substitution), a global fintech platform with Deputy PM of #Singapore T. Shanmugaratnam. APIX will eventually connect our companies to fiscal institutions globally. pic.twitter.com/cvSzG0wecX

— Arindam Bagchi (@MEAIndia) November 14, 2018

The Prime Government minister is in Singapore for a two-24-hour interval visit to attend the East Asia Summit, Asean-India informal meet and the Regional Comprehensive Economic Partnership (RCEP) Summit.

Modi said that his authorities came to part in 2014 with a mission of inclusive evolution. "Today, we have generated more than ane.two billion biometric identities in Aadhaar in merely a few years. Less than 50 per cent of Indians had depository financial institution accounts in 2014. Today, information technology is nearly universal," he told the audience.

PM @narendramodi launching APIX (Application Programming Interface Exchange), a global fintech platform with Deputy PM of Singapore T. Shanmugaratnam in Singapore. #SingaporeFintechFestival moving-picture show.twitter.com/EuEcyAjEOM

— Narendra Modi fan (@narendramodi177) Nov 14, 2018

"We are in an age of a celebrated transition brought about by applied science," the Prime Government minister added. Modi was set to present awards to winners of the starting time "Republic of india-Singapore Hackathon 2018" which aims to harness innovation potential of the youth from the two nations.

With inputs from IANS