PM Modi will launch a banking solution for 2 billion people without a bank account in the world; the key things to know

Prime Minister Narendra Modi (archive photo)

Prime Minister Narendra Modi will be speaking this week at the world's largest gathering of financial technology companies in Singapore and will launch a banking solution for two billion people without a bank account in the world. Prime Minister Modi will be in Singapore from 14 to 15 November to attend a series of summits, including the East Asia Summit and ASEAN meetings.

He is scheduled to speak at the Fintech Festival, which brings together the largest gathering of global Fintech companies and delegates ranging from industry leaders to smaller start-ups. It will address 30,000 people at the festival, the largest event of its kind in the world, announced the organizers.

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India with 400 exhibitors is the largest contingent at the event. Modi will launch APIX, a banking technology designed to reach two billion people around the world who still do not have a bank account.

Designed by software experts based in Hyderabad, Colombo and London, APIX is a sophisticated technology developed by Boston-based Virtusa, with a focus on small banks (Levels 3 and 4), which are located in Boston. Addressed to residents of remote areas.

The Prime Minister will launch the technology at the invitation of the Monetary Authority of Singapore, the International Finance Corporation of the World Bank and the ASEAN Banking Association, said Nikhil Menon, Executive Vice President of Virtusa and Regional Manager for Asia.

The APIX will help banks to contact those who do not have a bank account in 23 countries, including the 10 ASEAN members, as well as in major markets such as India and India. small countries, including Fiji, said Menon. Modi's presence at the festival is supported by the Indian flag of 18 companies. Eight of these companies are from Mumbai. The pavilion is organized by the state-owned Maharashtra Information Technology Corp (MahaIT).

The Mumbai Fintechs at the festival are looking for opportunities in global markets, said Suniti Nanda, MahaIT Fintech officer. "Mumbai, as a financial center, is also a gateway for international fintech companies in the Indian market," said Nanda, adding that the festival gave both the opportunity to understand the demands of the global market and to present the potential of large Indian consumers.

According to Tushar Shankar, co-founder of PhiCommerce, based in Mumbai, who introduced PayPhi, a cashless payment system for three years, Malaysian fintechs have expressed interest in joining Indian fintech to invest in India. PayPhi is a socio-economic platform allowing the simple villager to settle in the metro to make a payment, he said.

Malaysians want to exploit the online purchasing power of Indian consumers, he said. "We are also participating in the festival to better understand the global market," Shankar said. He also pointed out that India is attracting worldwide interest from fintechs, one of the largest payment systems markets.

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