Mumbai, September 8 (Daily Kiran) : The seventh Global Fintech Fest 2026 kicked off in Mumbai on September 8, featuring Prime Minister Narendra Modi and several industry leaders, including the Governor of the Reserve Bank of India. Speaking to attendees, Modi highlighted India’s achievements in digital payments and the fintech landscape. He emphasized that the nation should not limit itself to digital payments but should also focus on expanding into credit, insurance, savings, investments, and pensions.
Modi articulated a vision that extends beyond domestic financial inclusion, aiming to connect Indian payment systems globally. He noted that while the Unified Payments Interface (UPI) has reached several countries, this is just the beginning. India must work towards enhancing interoperability with other nations’ payment systems.
Using Singapore as an example, Modi pointed out that the integration of payment systems between India and Singapore allows transactions to occur as seamlessly as between two neighborhoods in a single city. He stressed the importance of expanding UPI-based payment infrastructure in countries with a significant Indian presence, strong trade relationships, and a desire to collaborate further.
Highlighting the growing power of digital payment systems, Modi revealed that over 24 billion transactions occurred through UPI in August alone. He estimated that during his 10-minute speech, more than 5 million UPI transactions were processed, underscoring the integral role of digital payments in India’s economy and daily life.
The Prime Minister also noted that technology is the most effective means of inclusion, with UPI demonstrating this by providing banking services to areas previously underserved by traditional banking systems. However, he acknowledged that the fintech market predominantly focuses on payment services. It is now time for the industry to move beyond payments and expand into areas like credit, insurance, savings, investments, and pensions to further bolster financial inclusion and capital formation in the economy.
Modi addressed the current global economic challenges, including conflicts, uncertainties, and supply chain issues, which are affecting energy and commodity supplies as well as global trade. Despite these challenges, he reported that India’s economy is growing at a rate of 7.8%, sending a positive message to the global economy. According to him, India’s economic strength is instilling new confidence among investors.
As the first quarter of the 21st century concludes, Modi highlighted the advent of new technologies such as agentic AI, tokenization, and quantum technology, which are creating unprecedented opportunities in the financial sector. He urged the industry to collaborate in transforming these technological opportunities into tangible economic impacts, suggesting that India’s fintech sector could become a hub for global innovation in the coming years.
The Prime Minister also outlined key priorities for fintech companies, emphasizing the need to establish world-class cybersecurity to ensure the safety of digital transactions. He encouraged the industry to develop robust and transparent data security standards. Additionally, he stressed the importance of creating a strong fintech-regulatory-industry innovation ecosystem to balance innovation with consumer protection. Modi proposed developing a fintech consumer protection index to enable transparent evaluations of various companies.
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