International Business & Economy Indian Prime Minister Narendra Modi to launch tech solution that can reach...

Indian Prime Minister Narendra Modi to launch tech solution that can reach 2 million unbanked people at Singapore Fintech Fest

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Indian Prime Minister Narendra Modi is in Singapore this week for meetings for the ASEAN as well as the East Asian Summit, but perhaps what more people are looking forward to is his appearance at the Singapore Financial Technology (Fintech) Festival, which is now ongoing and will end on November 16th.

The Prime Minister is expected to speak to an expected audience of nearly 40,000 people on the third day of the conference, November 14, Wednesday. The Managing Director of the International Monetary Fund, Christine Lagarde, will also be speaking on that day.

The Fintech Festival is the world’s biggest gathering of fintech companies and representatives, with India having the biggest delegation of 400 exhibitors.

APIX, a banking solution made especially for the 2 billion people around the globe who have no bank accounts, will be launched by Modi. APIX was created by software experts in three cities around the world—Hyderabad, London, and Colombo, and is designed to reach those who live in far-flung areas. Its technology will provide support to banks in 23 countries, which include large parts of India, small countries like Fiji and all 10- ASEAN member nations.

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Eight fintech companies from Mumbai will be at the festival, and are looking to conquer other pasty fo the globe, as Sunti Nanda, a Fintech Officer of state-owner Maharashtra Information Technology Corp Ltd (MahaIT), says “Mumbai, as a financial hub, is also a gateway for international fintech companies to enter the Indian market.”

The Indian Prime Minister is the first head of state to address the Fintech Festival, and his speech is expected to include the financial inclusion story of India.

People who are interested in attending the Fintech Festival may register here.

Read related: Putin in Singapore for ASEAN: what it means to the region

 

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