PM Modi offers all-out support to fintech players

MUMBAI: Prime Minister Narendra Modi has said his government is taking many a policy measure to promote the fintech sector, which attracted over USD 31 billion in foreign investments in the past 10 years.

He also added that the fintech sector has grown by over 500 per cent in terms of their number, and cited the abolition of the angel tax as a step towards their growth.

Addressing the global fintech summit on Friday, he also asked regulators to take more proactive measures to stop cyber frauds and further increase digital literacy among people.

“Fintech has played a significant role in democratising financial services,” he said and expressed confidence that it will help in improving the quality of life not just for us but for many millions more all over the world.

Emphasising that adoption of fintech by Indians is “unmatched in speed and scale” he said no such example can be found anywhere else in the world.

The transformation brought about by the fintech sector is not just limited to technology, but its social impact is far-reaching, he added.

He also stressed that fintech has dented the parallel economy and is bridging the gap between villages and cities on the financial services front.