Prime Minister Narendra Modi has called for the creation of a Fintech Consumer Protection Index, while urging these platforms to work on top-notch cybersecurity standards. Speaking at the Global Fintech Fest (GFF) 2026 in Mumbai on Tuesday, PM Modi advocated for ethical data protection standards and a stronger fintech regulatory and industry ecosystem to ensure the financial sector’s growth.
He further highlighted how new technologies such as Agentic AI, tokenisation, quantum tech have created new opportunities in the sector. Additionally, fintechs must help serve needs of gig, blue collar workers, PM Modi said.
The prime minister praised the growth of UPI in the last 10 years, while highlighting the need to connect the payments system to other countries. “In August alone, more than Rs 2400 Crores of transactions were done through UPI…Due to this impact, French President Macron said that UPI is not just a tax story but a civilisational story.
UPI is not restricted to just India…Today, India’s UPI is live in 11 countries of the world. These are wonderful numbers which tell us of the long journey we have covered,” PM Modi said.
He added, “today our UPI has reached many countries, but this is just the first step. Now, connecting with the payment systems of those countries should be our next goal. We have already done this with Singapore. This allows transactions between India and Singapore to take place just as they would between two neighbourhoods in the same city.
Read Also: Multiple IPOs Aim for Rs 7,055 Crore
We have to build similar connections with other countries and other markets as well. We have to move forward with this goal. Wherever Indians live in large numbers, wherever India trades on a large scale, and whichever country in the world is ready to move forward with us, we have to work to connect all of them…
As the Indian economy continues to grow, it’s likely that fintech will play an increasingly important role in facilitating international transactions and providing services to underserved populations, such as gig and blue collar workers. The development of a Fintech Consumer Protection Index could help ensure that these services are provided in a safe and secure manner.
Lauding Indian economy’s growth, PM Modi said, “You all know very well what the situation in the world is. The world is going through a period of conflicts and uncertainty. Supply chains for energy and commodities are under pressure, and these conditions have persisted for several months. The quarter from April to June was the most challenging.
Even in these circumstances, when India grows at 7.8 per cent, it gives the world a new sense of confidence.
