Fintech industry needs to work relentlessly on safety, say PM Modi

Prime Minister Narendra Modi on Tuesday said the fintech sector needs to work relentlessly on safety and reliability to uphold trust of the people.

In his message at the Global Fintech Fest, Modi said the sector has been an example of the wonders that can be worked when a government that encourages innovation comes together with the energy of young and inventive minds.

"Innovation for inclusion has been our mantra, leading to the revolution in public delivery ensured by the JAM Trinity, success of UPI in making digital payments a way of life, and India's global rise in the fintech and startup space as a hub of innovation and investment," Modi said in the message which was read out by Kris Gopalakrishnan, Chairman, GFF 2022 Advisory Board.

JAM Trinity refers to Jan Dhan-Aadhaar-Mobile.

Modi said from a largely unbanked population to a country that is not only surging towards saturation in banking access but also digitally equipped, it has been a phenomenal journey.

"People involved in the fintech domain know well that constant innovation is the name of the game. Rapid, relentless and proactive work in ensuring security, safety and reliability is important to uphold the enormous trust that the people have placed," he said.

The Prime Minister said the fintech domain in India has earned goodwill by being an enabler of inclusion, and there is a need for continued focus to empower the poorest of the poor by taking quality financial services to them.

He exuded confidence that the deliberations in the event will focus on how the fintech sector can play a crucial role in the 'Amrit Kaal', leading to the creation of a strong, prosperous and inclusive India.