ASEAN-India Breakfast Summit: PM Modi underlines need for maritime cooperation

Prime Minister Narendra Modi on Thursday participated in the ASEAN-India Breakfast Summit in Singapore. On this occasion, he underlined the need for maritime cooperation and centrality of trade for the prosperity of the strategic Indo-Pacific region.

Earlier on Wednesday, PM Modi launched Application Programming Interface Exchange (APIX), a banking technology platform designed to reach nearly two billion people worldwide who are still without bank accounts.

“We must bring the unbanked 1.7 billion people in the world into the formal financial market. We must extend the security of insurance and pension to more than a billion workers in the informal sectors worldwide, who still do not have it,” PM Modi said in his speech.

PM @narendramodi attends the #ASEAN– #India Informal Breakfast Summit in Singapore. pic.twitter.com/f4IyLqWGWX

— PIB India (@PIB_India) November 15, 2018

“We can use fintech to ensure that no dream remains unfulfilled, and no enterprise remains still born, because of lack of access to finance. We must make banks and financial institutions more resilient in managing risks, fighting frauds and dealing with disruption of traditional models,” he added.

It is to be noted that APIX is a banking technology platform designed to reach two billion people worldwide who are still without bank accounts. The platform will support banks to reach out to those without bank accounts in 23 countries including the 10 ASEAN members as well as major markets such as India, and small nations including Fiji.

Later in the day, PM Modi also held separate bilateral meetings with the premiers of Singapore, Australia and Thailand and discussed ways to further strengthen ties, including in areas of trade, defence and security.  He also held discussion with US Vice President Mike Pence.

PM @narendramodi meets and presents awards to the winning teams of #IndiaSingapore Hackathon 2018 pic.twitter.com/7YZTidoUVp

— PIB India (@PIB_India) November 15, 2018

PM Modi also visited the India Pavilion of 18 companies at the festival as he began his two-day visit to Singapore. Eight of these companies are from Mumbai. The Pavilion is organised by the state-owned Maharashtra Information Technology Corp Ltd (MahaIT).

Earlier, PM Modi addressed the Singapore Fintech Festival (SFF). He also became the first world leader to address the Singapore Fintech Festival.

Also Read: Singapore Fintech Festival: PM Modi pitches India as favourite investment destination