PM Modi urges fintech sector to expand beyond UPI into savings, credit and insurance

Prime Minister Narendra Modi urged the fintech sector on Tuesday to expand beyond the Unified Payments Interface (UPI) into credit, insurance, pensions, and savings. Speaking at the Global Fintech Festival, he emphasized that credit transactions, insurance, savings, and pension services should grow in the fintech market. Modi highlighted that fintech can reach areas where traditional models cannot, adding that India's digital payments infrastructure should have global integration beyond its current presence in several countries.

He pointed out that India has already established connections with Singapore's payment systems. Modi suggested focusing on countries with large Indian populations and substantial trade ties with India to reduce transaction costs for Indians working overseas. He also called for India to develop its own standards and frameworks for financial technology, moving away from relying on global standards.

Modi highlighted emerging technologies like agentic AI, quantum computing, and tokenization as new opportunities for the financial sector, emphasizing the need for cybersecurity and ethical data protection standards. He proposed a fintech consumer protection index to provide transparent ratings of companies. Modi noted India's economic growth, with a 7.8% increase in the June quarter, and a higher sovereign rating by a Japanese credit rating agency, indicating global confidence in the country.