Mumbai: Prime Minister Narendra Modi struck an optimistic and forward-looking tone at the sixth edition of the Global Fintech Fest (GFF) held in Mumbai on Thursday, calling for global collaboration to build a fintech world “where innovation meets inclusion, and finance drives human progress.”

Welcoming UK Prime Minister Keir Starmer and other global dignitaries, Modi described Mumbai as “the city of energy, enterprise, and endless possibility,” setting the tone for an address that showcased India’s digital transformation and its growing leadership in global fintech innovation.

“This festival began five years ago amid a global pandemic. Today, it stands as a global platform for financial innovation and cooperation,” Modi said. He hailed the United Kingdom joining as this year’s partner country, describing it as a partnership between “two of the world’s largest democracies” that will strengthen the global financial landscape.

Democratising Technology and Finance

The Prime Minister reiterated that India has democratised technology and turned it into a tool for equality, not privilege. “For a long time, the world spoke of the technological divide — and yes, India was once part of that discussion. But in the past decade, India has bridged that gap. Today, we are among the most technologically inclusive societies in the world,” he stated.

Modi highlighted how India’s digital governance model — where the government builds public infrastructure and the private sector innovates on top of it — has become a case study in inclusive growth. “Earlier, banking was a privilege. Today, it’s empowerment. Digital technology has turned financial access into a fundamental right,” he remarked.

He attributed much of this success to the JAM Trinity — Jan Dhan, Aadhaar, and Mobile — which has enabled seamless access to banking and digital payments across the country. “Every month, we record nearly 20 billion digital transactions worth over ₹25 trillion. Out of every 100 real-time digital transactions in the world, 50 happen in India alone,” he said proudly, drawing applause from the audience.

India Stack: A Blueprint for Global Digital Cooperation

Modi emphasised that India’s success in fintech goes beyond numbers — it lies in its architecture, the India Stack, which has redefined digital governance globally. “UPI, Aadhaar-enabled payments, Bharat Bill Payment System, Bharat QR, DigiLocker, DigiYatra, and GeM — together, they form the backbone of India’s digital economy,” he said.

The Prime Minister spotlighted emerging platforms such as ONDC (Open Network for Digital Commerce) and OCEN (Open Credit Enablement Network) that are transforming small businesses and MSMEs by giving them access to markets and credit like never before. “These platforms are helping small entrepreneurs who were once cut off from formal systems to now compete at a national scale,” he explained.

He also praised the Reserve Bank of India’s digital currency initiatives, saying they would further strengthen India’s fintech architecture. “All these efforts are transforming India’s untapped potential into a driving force of our growth story,” Modi said.

Digital Empowerment, Not Digital Aid

In a clear message to the international community, Modi stated that India’s digital revolution is not about aid but empowerment. Citing MOSIP (Modular Open-Source Identity Platform), an Indian innovation adopted by over 25 countries, he said, “We are sharing not just technology, but our experience — to help others build their own sovereign digital systems. This is digital empowerment, not digital aid.”

He called India’s fintech success a “beacon of hope for the Global South”, encouraging countries to collaborate on building open and inclusive digital ecosystems.

AI for All: India’s Next Big Leap

Shifting focus to the next frontier — Artificial Intelligence — Modi outlined India’s vision for AI that is inclusive, ethical, and people-first. “Our approach to AI rests on three principles — equitable access, population-scale skilling, and responsible deployment,” he said.

Under the India-AI Mission, the government is investing heavily in high-performance computing capacity, ensuring that every innovator and startup can access AI resources affordably. “Our goal is simple: the benefits of AI should reach every district and every language in India,” he said.

He emphasised India’s commitment to building a ‘trust layer’ in AI to tackle privacy and data challenges — something that many developed economies are still grappling with. “For us, AI stands for All Inclusive,” he said, drawing a connection between AI, ethics, and empowerment.

UK–India Collaboration: From Safety to Impact

Modi noted the growing synergy between India and the UK, particularly in technology and fintech. “A few years ago, the UK hosted the AI Safety Summit. Next year, India will host the AI Impact Summit. The conversation on safety began in the UK; the dialogue on impact will happen in India,” he said, to a round of applause.

The Prime Minister announced the creation of a UK–India Fintech Corridor, designed to enable startups to pilot innovations and scale operations seamlessly across both markets. He said the partnership would also “open new avenues of cooperation between the London Stock Exchange and GIFT City,” deepening financial integration and complementing the ongoing Free Trade Agreement talks.

“The UK’s research strength and global financial expertise, combined with India’s scale and talent, can open new doors of opportunity for the entire world,” Modi said.

A Fintech Vision Rooted in Humanity

Concluding his speech, Modi invited global investors, innovators, and governments to join hands with India in shaping the future of fintech. “We must build a world where technology enriches both people and the planet, where innovation aims not only for growth but also for goodness, and where finance stands not just for numbers, but for human progress,” he urged.

Extending his congratulations to the Reserve Bank of India, organisers, and participants, Modi signed off with an unmistakable sense of conviction — that India’s fintech journey is not just about digital numbers, but about democratising opportunity and empowering humanity.

The 6th Global Fintech Fest 2025, co-hosted by the RBI and leading industry bodies, brought together policymakers, financial leaders, innovators, and investors from across the world — reaffirming India’s position as a global powerhouse in digital finance and fintech innovation.