Global Fintech Fest 2026: PM Modi highlights next phase of India’s digital finance growth

Prime Minister Narendra Modi on Tuesday called on Indiarsquos fintech sector to expand beyond digital payments and make services such as credit insurance savings investments and pensions more accessible to citizensAddressing the inaugural session of the Global Fintech Fest 2026 in Mumbairsquos BandraKurla Complex BKC Modi said the next chapter of Indiarsquos Digital India journey would be driven by innovation from the new generation of fintech companies an official statement saidThe event was attended by Reserve Bank of India Governor Sanjay Malhotra Global Fintech Fest Chairman Kris Gopalakrishnan fintech entrepreneurs investors and industry leaders from India and abroadModi described the Unified Payments Interface UPI as one of the biggest pillars of Indias fintech successHe noted that UPI completed 10 years on August 25 and said millions of people who were previously outside the formal banking system had become active participants in the countrys fintech growthMore than 2400 crore UPI transactions were recorded in August the statement saidHe said UPI is now available in 11 countries while Indias payment system has also been integrated with Singapores systemPM Modi called for India to connect its payment infrastructure with more countries and develop digital payment standards that can be adopted globally the statement saidFintech can make remittances cheaperThe Prime Minister also highlighted the potential of UPI to reduce transaction costs for Indians working overseas who send money back to IndiaHe said India should move beyond simply adopting rules and standards developed by others and should develop its own digital payment standards and connect them with global systemsHe expressed confidence that Indias fintech industry had the capability to lead this processFocus on people outside traditional bankingModi said technology could be a powerful tool for financial inclusion and urged fintech companies to reach people who remain outside the traditional banking systemHe pointed to the PM SVANidhi scheme under which UPI has helped connect millions of street vendors with formal financial servicesPM Modi said that the average annual income of SVANidhi beneficiaries has increased by more than 20 per cent while the scheme has also contributed to improvements in housing nutrition healthcare and educational opportunities for their childrenHe said the scheme has been extended until 2030Fintech urged to support small businesses and workersModi said digital transactions give lenders and fintech companies a clearer picture of the income and expenditure of small businessesThis data can help companies design credit insurance and other financial products according to the needs of small businesses he saidHe also called on fintech firms to make working capital more easily available to small businesses and to connect delivery partners selfemployed workers and informalsector workers with savings pension and insurance productsLooking at the future of the sector PM Modi highlighted opportunities created by artificial intelligence tokenisation and quantum technologyHe urged the fintech industry to set clear goals for turning these technologies into practical benefitsThe Prime Minister identified four areas requiring particular attention Building worldclass cybersecurity in India Developing ethical data protection standards for the fintech industry Creating a strong fintech regulatory and innovation ecosystem Developing a Fintech Consumer Protection Index to enable transparent assessment of fintech companies RBI Governor highlights easier credit for MSMEs RBI Governor Sanjay Malhotra said fintech had brought major changes to Indias financial system and given fresh momentum to financial inclusionHe said technologies and digital platforms were making financial services easier and more affordable for citizensAccording to Malhotra UPI Aadhaarenabled payment systems and Jan Dhan have helped bring different sections of society into the formal financial systemHe also highlighted cashflowbased lending the Account Aggregator framework and the Unified Lending Interface as tools that can help MSMEs access loans without collateral or with limited collateralThe RBI is supporting innovation through its regulatory sandbox innovation hub and digital public infrastructure he saidResponsible innovation neededGlobal Fintech Fest Chairman Kris Gopalakrishnan said the event had become an international platform bringing together policymakers regulators financial institutions fintech companies technology firms and investors the statement saidHe said financial inclusion remained a defining feature of Indias fintech growthGopalakrishnan said technologies such as AI tokenisation and quantum computing could help create a more trusted connected and inclusive global financial systemHe stressed the need for more inclusive financial services responsible technology and meaningful international cooperation