Mumbai, October 9: Prime Minister Narendra Modi said on Thursday that India and the United Kingdom (UK) are moving towards a “win-win partnership” in the fields of artificial intelligence (AI) and fintech. India’s digital ecosystem is setting new global standards for innovation, transparency, and inclusion.
Prime Minister Modi was addressing the Global Fintech Fest 2025 (GFF) in Mumbai. In the presence of UK Prime Minister Keir Starmer, Modi said that Mumbai is a city of energy, enterprise, and infinite possibilities. He said that a new chapter of trust, innovation, and technology-driven development is beginning between India and the UK.
The Prime Minister said that over the past decade, India has democratized technology. India has shown that technology can become not just a tool for convenience but also a tool for equality. We have made digital technology accessible to every citizen and every sector of the country.
India is today one of the most technologically inclusive societies in the world. Modi said that India has made the democratic spirit a strong pillar of governance. This spirit is at the core of our digital and fintech model.
Prime Minister Modi said that the “India Stack” is a ray of hope for the entire world, especially the countries of the Global South. We are not only sharing technology but also helping other countries develop it. This is not digital assistance, but digital empowerment.
The Prime Minister said that due to the efforts of India’s fintech community, indigenous solutions are gaining global relevance. Today, our QR network, open commerce, and open finance framework are being praised across the world. In the first six months of this year, India was among the top three most funded fintech ecosystems globally.
He said that India’s digital stack is giving rise to a new open ecosystem. The Open Network for Digital Commerce is proving to be a boon for small merchants and MSMEs, helping them access new markets. Similarly, the Open Credit Enablement Network has made access to credit easier for small entrepreneurs.
The Prime Minister said that digital payments have become a part of people’s daily lives in India today. This is largely due to our Gem Trinity β Jan Dhan, Aadhaar, and mobile. Today, India sees over 20 billion UPI transactions every month, totaling over βΉ25 lakh crore. Of all the real-time digital transactions in the world, 50 out of every 100 take place in India alone. He said that while banking used to be a privilege, digital technology has transformed it into a tool of empowerment.
On artificial intelligence (AI), Prime Minister Modi stated that India’s approach is based on three key principles: equitable access, population-level skill development, and responsible deployment. India has always supported a global framework for ethical AI. For us, AI means inclusive AI. India’s AI mission has the potential to address both data and privacy issues. While the global debate continues on trust and safety regulations for AI, India has already built a “trust layer.”
Prime Minister Modi stated that India and the UK are natural partners in the field of fintech. This is a partnership of innovation and trust. Our goal is to create a fintech world where technology enriches both people and the planet. India is sharing its digital technology as a global public good. We are sharing our experiences and open-source platforms with the world to promote digital collaboration and digital partnership. He stated that India’s role is not just that of a technology consumer but that of a digital leader. Our endeavor is to create a world where fintech is used not just for profit, but for humanity and sustainable development.
UK Prime Minister Keir Starmer began his address with a Hindi greeting: “Hello Mumbai, I’m delighted to be here.” He said India and the UK are natural partners and global leaders in fintech. He wants the UK to become the world’s number one choice for finance and fintech investment.
He said, “This is India’s most ambitious trade agreement to date. I want to thank Prime Minister Modi for this partnership. This is a major victory for both countries.”