PM Modi Opens Global Fintech Fest 2026, Calls UPI a 'Civilisational Story'
PM Modi inaugurated the Global Fintech Fest 2026 in Mumbai, lauding UPI's success, India's growth, and urging the sector to focus on cybersecurity and global standards.
Prime Minister Narendra Modi inaugurated the Global Fintech Fest 2026 in Mumbai on Wednesday, marking his third consecutive appearance at the event. Addressing a gathering of global innovators, leaders, and investors, he framed the occasion as a "hat-trick" of national significance, underscoring the sector's importance to India's development journey.
Drawing a parallel with the upcoming Ganeshotsav festival, the Prime Minister invoked Lord Ganesha's blessings for the event's success. He acknowledged the complex global landscape marked by conflicts and supply chain pressures, contrasting it with India's robust economic growth of 7.8 percent in the April-June quarter. This resilience, he said, offers renewed confidence to the world.
Modi also highlighted a recent upgrade of India's sovereign rating to the A- category by a Japanese agency after three decades, attributing it to structural reforms and macroeconomic stability. He pledged that the country's reform momentum would only accelerate.
A significant portion of the address focused on the Unified Payments Interface (UPI), which the PM called the "undisputed champion" of India's fintech transformation. Noting UPI's tenth anniversary on August 25, he contrasted early skepticism with its current reality, where millions of previously unbanked citizens are now key drivers of the digital economy. He cited over 24 billion UPI transactions in August alone and its live operation in 11 countries as proof of its phenomenal adoption.
Quoting French President Emmanuel Macron, Modi remarked that UPI is "not just a tech story, it is a civilisational story." He urged the industry to view current achievements as a starting point, directing stakeholders to integrate UPI with partner countries' domestic payment systems, similar to the model established with Singapore. This, he argued, would reduce transaction costs for the Indian diaspora and accelerate remittances.
Looking ahead, the PM called for the creation of indigenous rules and standards for payment infrastructure, moving beyond foreign-designed card standards. He stressed the need to expand fintech's footprint beyond payments into credit, insurance, savings, investments, and pension products. He also urged the sector to focus on top-notch cybersecurity, ethical data protection, and a robust regulator-industry innovation ecosystem, alongside a fintech consumer protection index.