PM Modi inaugurates InFinity Forum, highlights role of FinTech

Prime Minister Narendra Modi today inaugurated ‘InFinity Forum’, a thought leadership forum on Financial Technology (FinTech) through a video conference.

The forum aims at bringing together the leading minds of the world in policy, business, and technology to discuss and come up with actionable insight into how technology and innovation can be leveraged by the FinTech industry for inclusive growth and serving humanity at large.

Speaking at the inauguration Prime Minister Modi spoke about technology and its role in financial inclusion, especially during the pandemic.

PM Modi said that “From less than 50% of Indians having bank accounts in 2014, they have almost universalised with 430 million Jan Dhan accounts in the last 7 years, while 690 million RuPay cards clocking 1.3 billion transactions last year. Despite the pandemic, about 1.5 million railway tickets get booked online every day.”

The event was organised by the International Financial Services Centres Authority (IFSCA) under the aegis of the Government of India. Gujarat International Finance Tec-City (GIFT City) and Bloomberg were also part of the event.

Countries like Indonesia, South Africa, and the UK have partnered for the first edition of the Forum.

The agenda of the Forum is focusing on the theme of ‘Beyond’ with various sub-themes including FinTech beyond boundaries, with governments and businesses focussing beyond the geographical boundaries in the development of global stack to promote financial inclusiveness.