PM Modi Calls For Robust Cybersecurity, Ethical Data Standards In Fintech

(MENAFN- AsiaNet News)

Prime Minister Narendra Modi on Tuesday called on India's fintech industry to strengthen cybersecurity, adopt ethical data-protection standards, deepen regulator-industry innovation and develop a Fintech Consumer Protection Index for transparent company ratings.

Addressing the Global Fintech Fest 2026 in Mumbai, Modi said fintech companies should jointly set clear priorities as technologies such as Agentic AI, tokenisation and quantum open new possibilities in the financial sector.

Four-Point Agenda for Fintech Growth

“First, we have to make cybersecurity in India top-notch. Second, our industry should have its own ethical data-protection standards. Third, we have to build a strong fintech regulator-industry innovation ecosystem. And fourth, we should have a Fintech Consumer Protection Index, on the basis of which every company can be rated transparently,” Modi said.

He added that if the sector measured itself against these parameters, India's fintech industry could become“a gateway to countless possibilities”.

Expanding Beyond Payments

The Prime Minister also said the next phase of India's fintech growth should move beyond payments and expand into credit, insurance, savings, investments and pensions.

“Now, in the fintech market, along with payments, the share of credit transactions should also increase, the share of insurance should increase, and the share of savings, investments and pensions should increase,” he said.

Modi said fintech could help serve small businesses and workers who are still not efficiently covered by traditional financial models.

“We have demonstrated speed and scale in payments. Now, we will have to help increase the share of non-payment transactions,” he said.

UPI's Global Expansion

On UPI's global expansion, Modi said the platform is now live in 11 countries and India should work towards linking it with payment systems of more countries.

“Today, our UPI has reached several countries. But this is the first step. Now our next target should be to connect with the payment systems of those countries,” he said.

He cited the India-Singapore payment linkage as an example and said similar connections should be built with other countries and markets, particularly where Indians live in large numbers or India has significant trade ties.

The Prime Minister said UPI recorded more than 2,400 crore transactions in August alone and described it as one of the biggest drivers of India's fintech transformation.

“UPI is no longer limited only to India,” Modi said.

Economic Growth and Global Confidence

On the broader economy, Modi said India's 7.8 per cent growth in the April-June quarter came despite a difficult global environment marked by conflicts, uncertainty, pressure on energy and commodity supply chains and trade tensions.

“When India grows at 7.8 per cent even in such a situation, it gives the world renewed confidence,” he said.

He also referred to India's recent sovereign rating upgrade by a Japanese credit rating agency to the A category, saying it reflected confidence in the country's growth momentum, macroeconomic stability and structural reforms.

“India's reform express will move forward at an even faster pace,” Modi said.

Fintech-led Financial Inclusion: PM SVANidhi

Modi also highlighted PM SVANidhi as an example of fintech-led financial inclusion, saying studies showed the average annual income of beneficiaries had increased by more than 20 per cent.

He said UPI had played a major role in the scheme's success and noted that the government has decided to extend PM SVANidhi till 2030. (ANI)

(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)

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