The Prime Minister inaugurated the Global Fintech Fest 2026 in Mumbai, marking his third consecutive year attending the event. He addressed the gathering of fintech innovators, leaders, and investors from across India and abroad, emphasizing the critical role of the sector in building a developed India.
Key Points from the Address
The PM highlighted India’s recent sovereign credit rating upgrade to A-category by a Japanese credit rating agency for the first time in three decades, reflecting global confidence in India’s growth momentum and macroeconomic stability.
He focused extensively on the Unified Payments Interface (UPI), which completed 10 years on 25 August 2026. In August alone, UPI processed over 2,400 crore transactions, averaging more than 50 lakh transactions every 10 minutes across the country. UPI is now live in 11 countries globally, including Singapore, where it has been integrated with the local payment system.
The PM cited the success of PM SVANidhi scheme for street vendors as an example of fintech’s transformative impact. Under this scheme, vendors have gained access to formal credit systems, and studies show their average annual income has grown by more than 20 percent. Housing, nutrition, healthcare access, and children’s education have also improved for beneficiary families. The government has extended the scheme until 2030.
Looking ahead, the PM outlined the need to expand fintech beyond payments into credit transactions, insurance, savings, investments, and pensions. He urged the industry to set specific tasks, including strengthening cybersecurity, establishing ethical data protection standards, building a robust fintech regulator-industry innovation ecosystem, and creating a fintech consumer protection index for transparent company ratings.
He noted that emerging technologies like Agentic AI, tokenisation, and quantum computing are opening new possibilities in the financial sector.
What This Means for You
India’s fintech sector is expanding beyond digital payments to offer broader financial services including credit, insurance, and investment products to underserved populations. The government expects these services to become as simple and accessible as scanning a QR code for payments today. If fintech companies meet the suggested standards on security, data protection, and consumer safety, Indians—whether street vendors, small business owners, or migrant workers—may gain easier access to formal credit, insurance, and savings products tailored to their actual economic patterns and needs.