Mumbai (Maharashtra) [India], October 9 : Prime Minister Narendra Modi on Thursday addressed the Global Fintech Fest at Jio World Centre in Mumbai, highlighting India's achievements in digital innovation, financial inclusion and the country's growing leadership in the global fintech ecosystem.
Speaking at the event, PM Modi said, "This year's Global FinTech Fest theme also advances and strengthens India's democratic spirit. India's UPI, Aadhaar enabled payment system, Bharat Bill Payment System, Bharat QR, DigiLocker, Digi Yatra, and GEM are all the backbone of India's digital economy. I am happy that India's digital stack is giving birth to a new open ecosystem. The Open Network for Digital Commerce (ONDC) is proving to be a boon for small shopkeepers and MSMEs, helping them reach new markets. Similarly, the Open Credit Enablement Network (OCEN) has made access to credit easier for small entrepreneurs."
Underscoring India's inclusive approach to governance and technology, the Prime Minister said, "India has made this democratic spirit a strong pillar of governance. India has shown that technology is not just a tool of convenience but also a means of equality. This inclusive approach has transformed our banking system. What was once a privilege has now become a medium of empowerment through digital technology."
He added that digital payments have become an integral part of everyday life in India, crediting the JAM Trinity, Jan Dhan, Aadhaar and Mobile, for this transformation. "Today, digital payment is a part of everyday life. The credit for this goes to the JAM Trinity (Jan Dhan, Aadhaar and Mobile). Just look at the transactions under the UPA. Today, 20 billion transactions are taking place every month. (Applause) Their value exceeds 25 trillion rupees, or 25 lakh crore rupees. (Applause) Today, out of every 100 real-time digital transactions in the world, 50 take place in India alone," he said.
Reflecting on the journey of the Global Fintech Fest, PM Modi said, "Five years ago, when the Global Fintech Festival was started, at that time the world was fighting with a global pandemic. Today, this festival has become a global platform for financial innovation and financial cooperation. This time, the UK has participated in this event as a partner country. The partnership between two big democracies of the world will strengthen the global financial landscape."
The Prime Minister also emphasised India's strong democratic and technological foundations. "India is the mother of democracy. When we talk about democracy, it is not limited to elections or policymaking alone. India has made this democratic spirit a strong pillar of governance. In the past decade, India has democratized technology. Today's India is one of the most technologically inclusive societies," he said.
PM Modi's address at the Global Fintech Fest showcased how India's digital infrastructure, open networks and inclusive financial systems are setting new global benchmarks for innovation and cooperation.