India's Digital Financial Approach is a Global Model, Says Bill Gates at Singapore Fintech Festival 2020

Bill Gates, Founder of Bill and Melinda Gates Foundation and Tech Pioneer has applauded India for its policies of financial inclusion and innovation.

Gates while speaking at the Singapore Fintech festival praised India's digital platforms like Unified Payment Interface i.e. UPI and Aadhar. He said that these initiatives have drastically reduced the cost of money distribution among the poor.

Bill Gates hailed India's digital financial approach calling it a global model.

Bill Gates stated that based on India's approach to policy implementation his foundation is working with other countries to roll out open source technologies which will benefit various other countries to implement programmes alike UPI and Aadhar. Transactions Using Aadhar-Enabled Payment System Doubles; Rs 16,101 Crore Disbursed During Lockdown: Finance Ministry.

Digital India is a government's ambitious program to ensure a digital empowered society and knowledge economy by facilitating good governance to citizens by synchronized and co-ordinated engagement with both Central Government and State Government.

The Digital India was launched in 2015 with an aim to bring the unbanked population of the country into the mainstream economy through the formal financial net.

The financial inclusion programs in India are showing robust results through the Digital India program under which the efforts have been made to provide easy banking facilities to all by simplifying procedures relating to financial instruments like Permanent Account Number (PAN), unique identification process of Aadhaar, simplification of tax procedures.

Singapore FinTech Festival (SFF) is the world’s largest FinTech festival and a global platform for the FinTech community. This is the fifth edition of the Singapore FinTech Festival which will be held from 7-11 December 2020.

The Indian exhibitors at the SFF 2020 includes IBSFintech India Pvt. Ltd, Open Financial Technologies Pvt. Ltd, Stellapps Technologies and Vymo Technologies India Private Limited.

(The above story first appeared on LatestLY on Dec 10, 2020 08:48 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).