Prime Minister Narendra Modi arrived in Singapore on Wednesday for a two-day visit during which he will attend the East…
Prime Minister Narendra Modi arrived in Singapore on Wednesday for a two-day visit during which he will attend the East Asia summit, an informal meeting in Asia and India, the regional economic partnership summit and holding a meeting with the US Vice President Mike Pence.
Mr.. Modi said Wednesday that financial integration has become a reality for 1.3 billion Indians as he beat India as a favorite target for investment at the Fintech Festival here.
Mr. Modi became the first world leader to deal with the festival launched in 201
6 and is in its third edition.
“Financial integration has become reality for 1.3 billion Indians. We have generated more than 1.2 billion biometric identities – Aadhaar or foundation – in just a few years,” said Mr. Modi at the event.
Singapore Fintech Festival (SFF) is already the world’s largest financial engineering or fintech event. In 2017, the event attracted up to 30,000 participants from over 100 countries.
SFF includes a three day conference and exhibition of FinTech companies and opportunities, a global competition by FinTech solutions and a platform for matching entrepreneurs and investment capital.
Mr Modi said through Aadhaar and mobile phones, his government has launched Jan Dhan Yojana and opened 330 million new bank accounts in three years.
“These are 330 million identity sources, dignity and opportunities. Less than 50 percent of Indians had bank accounts in 2014. Now it’s almost universal. So today, over one billion biometric identities, more than one billion bank accounts and more than one billion mobile phones India provide by far the largest public infrastructure in the world, says Modi.
“We are at the age of a historical transition due to technology. From desktop to cloud, from the Internet to social media, from IT services to the Internet of things, we have come a long way in a short time,” said the prime minister. 19659005]
In a tweet, Mr. Modi thanked Indian society for a warm welcome in the midst of the rain.
“Extremely touched by Indians involvement in Singapore. Welcome, so early in the morning in the rain, touched. India’s diaspora makes our nation very proud. They have succeeded all over the world, in a variety of areas, “tweeted.”
The Prime Minister will have a number of high-profile multilateral and bilateral meetings with global leaders, including Vice-President Pence and Singapore’s Prime Minister Lee Hsein Loong.
Mr. Pence will attend a bilateral meeting with the Prime Minister Modi, the White House said on Tuesday to release the presidency of Vice President Pence ahead of the meeting.
The meeting is scheduled to take place at 12:30 local time in Singapore, where the two leaders are expected to discuss bilateral defense cooperation and a common vision for maintaining a free and open Indo-Pacific area, the White House said.
Before leaving for Singapore, Modi said in New Delhi that his participation in Asia and India and East Asia Summit symbolized India’s continued commitment to strengthen its involvement with ASEAN members and with the wider indo-Pacific region.
Mr. Modi also said he was convinced that his visit to Singapore would boost New Delhi’s growing partnership with ASEAN and the East Asian Summit.
(With entries from agencies)