The Era of Financial Inclusion and Regional Integration
Welcome to the SWIFT India and Subcontinents Regional Conference 2016
The South Asian Association for Regional Cooperation (SAARC) is one of the most important economic and geopolitical organisations consisting of eight nations in South Asia, and is the 3rd largest in the world, after the United States and China, and the 5th largest in terms of nominal GDP. The SAARC makes up 21% of the world’s total population, with India making up 70% of the area and population amongst the eight countries. With such a vast regional coverage, there is a continuous drive across the region to boost economic growth and deepen integration for prosperity and harmonisation. Combined efforts within the SAARC countries are necessary in leading the region to an era of uniformity in trade payments which will in turn open the opportunity of uniform payment systems for inter-border transactions. Whilst regionalisation is a noble goal, each of these nations need to first modernise their payment systems, and embrace technology disruption in order to achieve financial inclusion.
Our charter is not to compete with banks. We aren’t reinventing a new wheel, but we are just creating a few more wheels to help the wagon run faster and we want to ride on the infrastructure that has been built, such as NPCI, SWIFT.– H Srikrishnan, Chief Executive Officer, Proposed Reliance Payment Bank
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