Mumbai can be the home of financial AI: Maha CM

Maharashtra Chief Minister Devendra Fadnavis declared Mumbai a potential testing ground for the future of financial technology, particularly with the advent of agentic AI that empowers consumers with greater control over their finances. Addressing the opening session of the Global Fintech Fest (GFF) 2026, Fadnavis emphasized that the next phase of digital finance would focus on granting users "agency" rather than merely providing access to financial services.

He explained that agentic AI could assist small and medium-sized enterprise (MSME) entrepreneurs in managing cash flow, forecasting working capital requirements, exploring financing options, and making more informed financial decisions. Moreover, this advanced technology could offer sophisticated financial advice to consumers who have often been unable to access such services.

Fadnavis illustrated the potential impact of this technology with an example of a farmer receiving financial advice in their native Marathi language. He envisioned every citizen gaining access to financial intelligence that currently necessitates the services of professional advisors.

However, Fadnavis stressed that while AI would play a significant role in financial decision-making, consumers must retain control over their financial matters. He underscored the importance of combining intelligence with accountability, innovation with consent, and speed with security in the future of finance.

The Maharashtra government aims to establish itself as a "laboratory" for fintech rather than merely a market for financial product providers. The state is working on integrating its financial and technology ecosystems in Mumbai, Pune, and Navi Mumbai, focusing on AI, data centers, GCCs, startups, and advanced technology. Fadnavis encouraged innovators to present ambitious ideas, suggesting that solutions scalable in Maharashtra could apply to global contexts.

Linking the AI opportunity to other technologies at the forefront of this year's GFF — tokenisation and quantum computing — Fadnavis highlighted Maharashtra's efforts to develop a legal framework for blockchain-based tokenisation of land and other immovable assets. The state is collaborating with SEBI, BSE, NSE, industry stakeholders, legal experts, and academia to create this framework, emphasizing the need for legal certainty, consumer protection, and regulatory trust.

Regarding quantum computing, Fadnavis noted that India's growing digital economy must prepare for changes in computing power and the potential risks to cryptographic security systems underpinning financial transactions. For Mumbai, the broader objective is to become the city where the next generation of financial technology is conceived, tested, and scaled.

Fadnavis expressed optimism about Mumbai's potential to become the world's largest real-world test bed for fintech, welcoming innovators, institutions, and regulators to collaborate on developing new solutions and deploying them at scale.