NEW DELHI: Prime Minister Narendra Modi addressed the Global Fintech Fest 2025 in Mumbai, Maharashtra. Extending a warm welcome to all attendees in Mumbai, PM Modi described Mumbai as the City of Energy, the City of Enterprise, and the City of Endless Possibilities. He specially welcomed his friend, Keir Starmer, and expressed gratitude for his presence at the Global Fintech Festival, acknowledging the time he took to attend the event.

Recalling that five years ago, when the Global Fintech Festival was launched, the world was battling a global pandemic, the PM highlighted that today, the festival has evolved into a global platform for financial innovation and cooperation. He noted that this year, the United Kingdom is participating as a partner country, and emphasized that the partnership between two major democracies will further strengthen the global financial landscape. PM Modi remarked on the vibrant atmosphere, energy, and dynamism at the venue, calling it remarkable. He stated that this reflects global trust in India’s economy and growth. The PM congratulated PM Kris Gopalakrishnan, all organizers, and participants for the successful conduct of the event.

“India is the mother of democracy and democracy in India is not limited to elections or policymaking, but has been established as a strong pillar of governance”, affirmed PM Modi, highlighting technology as a prime example of this democratic spirit. He noted that while the world has long discussed the technological divide—and India too was once affected—over the past decade, India has successfully democratized technology. “Today’s India is among the most technologically inclusive societies in the world”, stated PM Modi.

Underlining that India has democratized digital technology, making it accessible to every citizen and every region of the country, the PM highlighted that this has now become India’s model of good governance. He explained that in this model, the government develops digital infrastructure in the public interest, and the private sector builds innovative products on that platform. PM Modi further emphasized that India has demonstrated how technology can serve not only as a tool of convenience but also as a means of equality.

“India’s inclusive approach has transformed the banking ecosystem”, emphasised the PM. He remarked that banking was once a privilege, but digital technology has turned it into a medium of empowerment. He highlighted that digital payments have become routine in India, attributing this success to the JAM Trinity—Jan Dhan, Aadhaar, and Mobile. Pointing out that UPI alone facilitates twenty billion transactions every month, with a transaction value exceeding twenty-five lakh crore rupees, PM Modi emphasized that out of every hundred real-time digital transactions globally, fifty occur in India alone.

Noting that the theme of this year’s Global Fintech Fest reinforces and advances India’s democratic spirit, PM Modi highlighted that India’s digital stack is being discussed globally, citing key components such as the Unified Payments Interface (UPI), Aadhaar Enabled Payment System, Bharat Bill Payment System, Bharat-QR, DigiLocker, DigiYatra, and the Government e-Marketplace (GeM) as the backbone of India’s digital economy. The PM expressed satisfaction that the India Stack is now giving rise to new open ecosystems. He noted that ONDC—Open Network for Digital Commerce—is proving to be a boon for small shopkeepers and MSMEs, enabling them to access markets across the country. He added that OCEN—Open Credit Enablement Network—is simplifying access to credit for small entrepreneurs and addressing the issue of credit shortage for MSMEs. The PM expressed confidence that the digital currency initiative being pursued by the RBI will further enhance outcomes. He further added that all these efforts will transform India’s untapped potential into a driving force for the nation’s growth story.

“India Stack is not merely a story of India’s success, but a beacon of hope for the world, especially for countries in the Global South”, exclaimed the PM, emphasising that through its digital innovations, India aims to foster digital cooperation and digital partnerships globally. He highlighted that India is sharing both its experience and open-source platforms as global public goods. PM Modi cited Modular Open-Source Identity Platform (MOSIP) developed in India, as a major example, noting that over twenty-five countries are adopting it to build their sovereign digital identity systems. He affirmed that India is not only sharing technology but also assisting other nations in developing it. He underscored that this is not digital aid, but digital empowerment.

Highlighting that the efforts of India’s fintech community have given indigenous solutions global relevance, PM Modi cited interoperable QR networks, open commerce, and open finance frameworks as key areas where the growth of Indian startups is being recognized worldwide. The PM noted that within the first six months of this year, India has emerged among the top three most-funded fintech ecosystems globally.

Emphasising that India’s strength lies not just in scale, but in integrating scale with inclusion, resilience, and sustainability, PM Modi highlighted the role of Artificial Intelligence (AI) in reducing underwriting bias, detecting fraud in real time, and enhancing various services. To unlock this potential, the PM called for joint investment in data, skills, and governance. 

“India’s approach to AI, built on three key principles—Equitable Access, Population-scale Skilling, and Responsible Deployment”, outlined the PM. Under the India-AI Mission, the government is developing high-performance computing capacity to ensure affordable and accessible resources for every innovator and start-up. PM Modi affirmed that efforts are underway to deliver the benefits of AI to every district and in every language. He noted that India’s Centers of Excellence, skilling hubs, and indigenous AI models are actively ensuring this outreach.

Affirming that India has consistently supported the creation of a global framework for ethical AI, PM Modi stated that India’s experience with digital public infrastructure and its learning repository can be valuable for the world. He emphasized that the path India has followed in digital public infrastructure is the same approach it seeks to advance in AI. “For India, AI stands for All Inclusive”, stated PM Modi. 

Noting that while global debates continue around trust and safety rules for AI, India has already built a trust layer, the PM highlighted that India’s AI Mission is equipped to handle both data and privacy concerns. He expressed India’s intent to develop platforms that enable innovators to build inclusive applications. In payments, India prioritizes speed and assurance; in credit, the focus is on approvals and affordability; in insurance, the targets are effective policies and timely claims; and in investments, the goal is success in access and transparency. The PM stated that AI can be the driving force behind this transformation. For this, AI applications must be designed with people at the center. He stressed that a first-time digital finance user must have confidence that errors will be swiftly resolved. This confidence, he said, will further strengthen digital inclusion and trust in financial services.

Noting that the AI Safety Summit began in the UK a few years ago, and next year, the AI Impact Summit will be held in India, the PM highlighted that while the dialogue on safety started in the UK, the conversation on impact will now take place in India. He stated that India and the UK have shown the world a win-win partnership model in global trade, and their collaboration in AI and fintech further strengthens this spirit. The PM emphasized that the UK’s research and global finance expertise, combined with India’s scale and talent, can open new doors of opportunity for the world. He announced a renewed commitment to deepen connections between start-ups, institutions, and innovation hubs. The PM remarked that the UK-India Fintech Corridor will create opportunities to pilot and scale new start-ups, and also pave the way for enhanced cooperation between the London Stock Exchange and GIFT City. He added that this financial integration between the two countries will help companies maximize the benefits of the free trade agreement.

Underscoring the immense responsibility shared by all stakeholders, PM Modi extended an invitation from the platform to every global partner, including the United Kingdom, to collaborate with India. He welcomed every investor to grow alongside India’s growth. The PM concluded by calling for the creation of a fintech world that enriches both technology, people and planet—where innovation aims not only for growth but also for goodness, and where finance signifies not just numbers but human progress. With this call to action, he conveyed his best wishes to all present.