Evolving into a cashless economy through innovation and digitisation
India has grown to be one of the world’s fastest-growing major economies, driven mainly by its long-term growth prospective, young population, and increasing integration into the global economy. By 2025, it is estimated to have the world’s largest population of young people, with more than 10 million young Indians entering the workforce each year.
Unprecedented growth in connectivity has been accelerating India’s transition to a knowledge economy. Digitisation, which harnesses the power of connecting people, data and things, continue to transform our industries and change the way we work. Against the backdrop of these technological disruptions, the world must evolve to stay relevant and adapt its economy to global trends. SWIFT will explore the current payments system in India and its sub-region, and how the community can leverage on SWIFT to improve cross-border payments with greater speed, transparency, and end-to-end tracking.
Digital payments offer a strong support to ongoing efforts in helping the country leapfrog the cash generation to digital payment solutions, which is a significant step in propelling India to emerge as a truly cashless economy.
We will also deep-dive into how digitisation has impacted the world of trade finance, its development and significance in the SAARC region, as well as the growing importance of one of the industry’s most defining issue of cybersecurity, and how the importance of having a set of harmonised standards could support the growth of the region’s securities business.
The SWIFT India and Subcontinents Regional Conference 2017 will gather the local community representing financial institutions, market infrastructures, regulators, multinational corporations, and other industry experts to discuss the key issues facing the nation’s financial market development, with a specific focus on innovation and digitization.
We are confident that this Regional Conference will offer our community an invaluable opportunity to share and collaborate on our ideas in fostering a more vibrant financial community in India and its subcontinents.
I look forward to meeting you all in April.
Chief Executive, Asia Pacific & EMEA