PM Modi addresses the Global Fintech Fest 2025 in Mumbai
MUMBAI : Prime Minister Shri Narendra Modi addressed the Global Fintech Fest 2025 in Mumbai, Maharashtra on Thursday. Extending a warm welcome to all attendees in Mumbai, Shri Modi described Mumbai as the City of Energy, the City of Enterprise, and the City of Endless Possibilities. He specially welcomed his friend, Prime Minister H.E. Mr. 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 Prime Minister 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. Shri 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 Prime Minister congratulated Shri 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 Shri 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 Shri Modi.
Underlining that India has democratized digital technology, making it accessible to every citizen and every region of the country, the Prime Minister 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. Shri 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 Prime Minister. 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, Shri 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, Shri 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 Prime Minister 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 Prime Minister 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 Prime Minister, 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. Shri 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, Shri 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 Prime Minister noted that within the first six months of this year, India has emerged among the top three most-funded fintech ecosystems globally.