UK-India Fintech Corridor to create opportunities
Prime Minister Narendra Modi says India’s digital stack is being discussed globally, especially 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) which is the backbone of India’s digital economy.
Addressing the Global Fintech Fest 2025 in Mumbai on 9 Oct, he expressed satisfaction that the India Stack is now giving rise to new open ecosystems, such as the ONDC (Open Network for Digital Commerce), which is proving to be a boon for small shopkeepers and MSMEs, enabling them to access markets across the country.
Further, OCEN (Open Credit Enablement Network) is simplifying access to credit for small entrepreneurs and addressing the issue of credit shortage for MSMEs, he added.
The Prime Minister expressed confidence that the digital currency initiative being pursued by the Reserve Bank of India (RBI) will further enhance outcomes.
“All these efforts will transform India’s untapped potential into a driving force for the nation’s growth story,” he underlined.
“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.
PM Modi cited Modular Open-Source Identity Platform (MOSIP) developed in India, as a major example, noting that over 25 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, adding that this is not digital aid, but digital empowerment.
Highlighting that the efforts of India’s fintech community have given indigenous solutions global relevance, he 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.
Emphasising that India’s strength lies not just in scale, but in integrating scale with inclusion, resilience, and sustainability, PM Modi highlighted the role of Artificial Intelligence (AI) in reducing underwriting bias, detecting fraud in real time, and enhancing various services. To unlock this potential, the Prime Minister called for joint investment in data, skills, and governance.
He elaborated, “India’s approach to AI, built on three key principles—Equitable Access, Population-scale Skilling, and Responsible Deployment.”
Under the India-AI Mission, the government is developing high-performance computing capacity to ensure affordable and accessible resources for every innovator and start-up.
PM Modi affirmed that efforts are underway to deliver the benefits of AI to every district and in every language. He noted that India’s Centres of Excellence, skilling hubs, and indigenous AI models are actively ensuring this outreach.
Affirming that India has consistently supported the creation of a global framework for ethical AI, he stated that India’s experience with digital public infrastructure and its learning repository can be valuable for the world.
He emphasized that the path India has followed in digital public infrastructure is the same approach it seeks to advance in AI. “For India, AI stands for All Inclusive,” he stressed.
Noting that while global debates continue around trust and safety rules for AI, India has already built a trust layer, the Prime Minister highlighted that India’s AI Mission is equipped to handle both data and privacy concerns.
He expressed India’s intent to develop platforms that enable innovators to build inclusive applications. In payments, India prioritizes speed and assurance; in credit, the focus is on approvals and affordability; in insurance, the targets are effective policies and timely claims; and in investments, the goal is success in access and transparency.
The Prime Minister stated that AI can be the driving force behind this transformation. For this, AI applications must be designed with people at the centre. He stressed that a first-time digital finance user must have confidence that errors will be swiftly resolved. This confidence, he said, will further strengthen digital inclusion and trust in financial services.
Noting that the AI Safety Summit began in the UK a few years ago, and next year, the AI Impact Summit will be held in India, the Prime Minister highlighted that while the dialogue on safety started in the UK, the conversation on impact will now take place in India.
He stated that India and the UK have shown the world a win-win partnership model in global trade, and their collaboration in AI and fintech further strengthens this spirit.
The Prime Minister emphasized that the UK’s research and global finance expertise, combined with India’s scale and talent, can open new doors of opportunity for the world. He announced a renewed commitment to deepen connections between start-ups, institutions, and innovation hubs.
The Prime Minister remarked that the UK-India Fintech Corridor will create opportunities to pilot and scale new start-ups, and also pave the way for enhanced cooperation between the London Stock Exchange and GIFT City.
He added that this financial integration between the two countries will help companies maximize the benefits of the free trade agreement.
Underscoring the immense responsibility shared by all stakeholders, PM Modi extended an invitation from the platform to every global partner, including the United Kingdom, to collaborate with India. He welcomed every investor to grow alongside India’s growth.
The Prime Minister concluded by calling for the creation of a fintech world that enriches both technology, people and planet—where innovation aims not only for growth but also for goodness, and where finance signifies not just numbers but human progress. With this call to action, he conveyed his best wishes to all present.
The UK Prime Minister Keir Starmer, on 2-day official visit to India, also attended the Global Fintech Fest 2025 at Jio World Centre, in Mumbai on 9 Oct 2025.
Background
Global Fintech Fest 2025 brought together innovators, policymakers, central bankers, regulators, investors, academicians, and industry leaders from around the world. The conference’s central theme, ‘Empowering Finance for a Better World’ – Powered by AI, Augmented Intelligence, Innovation, and Inclusion, highlighted the convergence of technology and human insight in shaping an ethical and sustainable financial future.
This year’s edition attracted a footfall of over 100,000 participants from more than 75 countries, making it one of the world’s largest fintech gatherings. The event had participation from around 7,500 companies, 800 speakers, 400 exhibitors, and 70 regulators representing both Indian and international jurisdictions.
Among the participating international institutions are renowned regulators such as the Monetary Authority of Singapore, the Deutsche Bundesbank of Germany, Banque de France, and the Swiss Financial Market Supervisory Authority (FINMA). Their participation underscores GFF’s growing stature as a global forum for financial policy dialogue and cooperation. Fiinews.com
