Mumbai: Prime Minister Narendra Modi inaugurated Global Fintech Fest 2026 in Mumbai and called on the fintech sector to focus on next-generation innovation while strengthening cybersecurity, ethical data protection, regulatory innovation and consumer protection.
Addressing innovators, leaders and investors from across the globe, PM Modi said India’s fintech journey is reaching new heights with innovation and inclusion at its core.
At Global Fintech Fest 2026, PM Modi highlighted the growing energy, youth participation and risk-taking capacity within India’s fintech ecosystem. He said the sector’s development is strengthening his confidence in the country’s future and the vision of a Viksit Bharat.
“Therefore, regarding the future of a Viksit Bharat, my belief is growing stronger,” asserted Shri Modi.
The Prime Minister also invoked the festive spirit of Mumbai ahead of Ganeshotsav and extended his best wishes for Global Fintech Fest 2026.
“Bowing down to Ganpati Bappa, I wish you all the best for the Global Fintech Fest 2026,” affirmed PM Modi.
PM Modi Highlights India’s Economic Resilience
Speaking about the global economic environment, PM Modi pointed to conflicts, trade tensions and pressure on energy and commodity supply chains. Against this backdrop, he highlighted India’s 7.8 percent growth during the April-June quarter.
The Prime Minister said India’s economic performance has given the world renewed confidence.
“And this confidence, I can clearly see it on all your faces here,” noted PM Modi.
He also highlighted a recent upgrade of India’s sovereign ratings to the A- category by a Japanese credit rating agency after three decades, attributing the development to structural reforms and macroeconomic stability.
“I will say again that this reform express of India will move forward at an even faster pace,” asserted PM Modi.
UPI Remains a Major Champion of India’s Fintech Story
At Global Fintech Fest 2026, PM Modi identified the Unified Payments Interface (UPI) as a major champion of India’s fintech transformation.
He recalled that discussions around India’s fintech journey remain incomplete without mentioning UPI and highlighted the transformation it has enabled across the country.
“But this is such a massive transformation that whenever fintech is discussed, it will remain incomplete without UPI,” observed PM Modi.
The Prime Minister also reflected on the tenth anniversary of UPI, celebrated on August 25. He contrasted the initial skepticism surrounding digital payments with the current reality in which millions of people who had remained outside the banking system for generations have become major drivers of fintech growth.
“Those same millions of people, who were outside the banking system for generations, have become the major drivers of fintech growth in India,” noted PM Modi.
According to PM Modi, more than 24 billion UPI transactions took place in August alone. He also referred to French President Emmanuel Macron’s observation that UPI represents more than a technology story.
“It is because of this impact that President Macron said that UPI is not just a tech story, it is a civilizational story,” remarked PM Modi.
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UPI Now Live in 11 Countries
The Prime Minister highlighted the international expansion of UPI, noting that the payment system is now live in 11 countries.
“These are astonishing figures that tell us how long a journey we have covered,” affirmed PM Modi.
At Global Fintech Fest 2026, PM Modi said the industry should treat these achievements as a starting point rather than a destination.
“When one goal is achieved, I get busy preparing for an even bigger goal,” asserted PM Modi.
PM Modi Calls for Global UPI Connectivity
PM Modi called for UPI to be integrated with the domestic payment systems of partner countries. He referred to the connectivity already established with Singapore and called for similar efforts in countries with large Indian populations or significant trade with India.
“Wherever Indians live in large numbers, wherever India trades on a large scale, whichever country in the world is ready to walk with us, we have to work to connect them all,” directed PM Modi.
The Prime Minister also highlighted the potential benefits for Indians sending remittances to families in India. He said reducing transaction costs and speeding up transfers could benefit the world’s largest remittance-sending population.
“UPI can bring savings to Indians in this as well, and the money can reach Indian families faster,” noted PM Modi.
India Should Develop Its Own Financial Standards
PM Modi also called for a shift away from dependence on foreign-designed card payment standards. He said India has the capability to develop its own rules and protocols and connect them with the global financial ecosystem.
“Now we can make our own rules and standards and connect them with the world,” asserted PM Modi.
He further described UPI as a tool for financial inclusion, saying it has reached people and areas where traditional banks and branches could not.
“Where traditional banks could not reach, where bank branches could not reach, UPI has taken the banking system to that place, to that person,” remarked Shri Modi.
Global Fintech Fest 2026: PM Modi Urges Fintech Beyond Payments
At Global Fintech Fest 2026, PM Modi urged the fintech sector to expand beyond payments and increase access to credit, insurance, savings, investments and pension products.
“Now in the fintech market, along with payments, the share of credit transactions must also increase,” affirmed PM Modi.
He said fintech can play a significant role in bringing traditionally underserved sections into the financial system.
“For a Viksit Bharat, the rise of this strength is very necessary,” asserted PM Modi.
PM SVANidhi and the Role of Fintech
PM Modi highlighted the PM SVANidhi scheme as an example of inclusive finance. He said the scheme brought millions of street vendors into the formal credit system and helped increase their average annual income by more than 20 percent.
The Prime Minister noted that the scheme has been extended until 2030 and described formal credit access as an important tool for street vendors.
“Meaning, they have a tool for formal credit access,” noted PM Modi.
He credited UPI as an important catalyst behind the success of the initiative and called on the fintech industry to build on this experience.
“Learning from this experience, we have to further increase economic activities with the power of fintech,” affirmed PM Modi.
Fintech Can Help Address the Credit Gap
The Prime Minister highlighted the credit needs of small businesses that may have clear digital transaction histories but remain too small to access traditional bank loans.
He gave the example of a small shop owner whose digital transaction record demonstrates the viability of her business but who needs additional capital to purchase goods and equipment and expand.
“There are businesses of this kind whose needs fintech can analyze, anticipate, and address,” remarked PM Modi.
PM Modi said technology can be used to understand micro-economic activity and create curated financial models for large numbers of small businesses.
“I believe the next chapter of fintech will be written right here,” asserted PM Modi.
Financial Services Should Be as Simple as QR Payments
At Global Fintech Fest 2026, PM Modi also called for easier access to savings, pensions and insurance for independent earners, including delivery partners and odd-job workers.
He said these financial services should become as simple and accessible as making a payment through a QR code.
“All of this can be as simple, easy, and accessible as making a payment via QR code is today,” noted PM Modi.
Agentic AI, Tokenization and Quantum Computing
PM Modi identified Agentic AI, tokenisation and quantum computing as technologies that are opening new possibilities in the financial sector.
At Global Fintech Fest 2026, he challenged the fintech industry to convert these technological possibilities into tangible impact.
“Now the challenge before us is how to turn these possibilities into real impact,” remarked PM Modi.
PM Modi Outlines Four-Point Fintech Roadmap
The Prime Minister outlined a four-point roadmap for the fintech sector, calling for:
- Top-notch cybersecurity
- Ethical data protection standards
- A robust regulator-industry innovation ecosystem
- A fintech consumer protection index
PM Modi said the sector should test itself against these criteria to unlock global opportunities.
“If we test ourselves on these criteria, India’s fintech sector can become a gateway of countless possibilities,” asserted PM Modi.
Concluding his address at Global Fintech Fest 2026, PM Modi urged the fintech industry to focus on next-generation innovation while retaining the principles of scale, scope, secure systems, democratization and public trust that have shaped the Digital India success story.
“Keeping these core values in mind, the fintech sector must focus on next-generation innovation,” affirmed PM Modi.
