CIOInsider India Magazine

Prime Minister Shri Narendra Modi addressed the attendees at the Global Fintech Fest 2025 in Mumbai, Maharashtra, where the fest united innovators, policymakers, central bankers, regulators, investors, scholars, and leaders from diverse industries worldwide. The main theme of the conference, ‘Empowering Finance for a Better World’ – Powered by AI, Augmented Intelligence, Innovation, and Inclusion, emphasizes the integration of technology and human insight in creating an ethical and sustainable financial future.

India- Technologically Inclusive Society in the world
India serves as a beacon of democracy, and its democratic system goes beyond mere elections and policy-making, having solidified itself as a vital component of governance. While the global conversation has often revolved around the technological gap—and India was once part of this narrative over the last decade, the country has made significant strides in democratizing technology. Present-day India stands as one of the most inclusive technological societies worldwide.

India has made digital technology widely accessible to all citizens and regions, which has now evolved into a model of effective governance. In this framework, the government focuses on developing digital infrastructure for the public good, while the private sector innovates products based on that foundation. India has illustrated how technology can function not just as a convenient tool, but also as a vehicle for promoting equality.

Digital Technology - a Medium of Empowerment
India’s comprehensive approach has reshaped the banking landscape. Banking was previously a privilege, but digital advancements have transformed it into a tool for empowerment. Digital payments have become commonplace in India, with the success attributed to the JAM Trinity—Jan Dhan, Aadhaar, and Mobile. It’s reported that UPI alone enables twenty billion transactions monthly, with a cumulative transaction value exceeding twenty-five lakh crore rupees; out of every hundred real-time digital transactions worldwide, fifty occur in India.

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The theme of this year’s Global Fintech Fest emphasizes and promotes India’s democratic values, as discussions surrounding India’s digital infrastructure take place globally. Key elements 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) are being recognized as foundational to India’s digital economy. The India Stack is now paving the way for new open ecosystems.

The Open Network for Digital Commerce (ONDC) is benefiting small retailers and MSMEs by granting them access to markets nationwide. The Open Credit Enablement Network (OCEN) is making credit access simpler for small entrepreneurs, tackling the problem of credit scarcity for MSMEs. Furthermore, the digital currency initiative being pursued by the RBI is set to enhance outcomes. All of these initiatives will transform India’s untapped capabilities into a significant driver of the nation’s growth narrative.

The India Stack represents more than just India's successes; it embodies a beacon of hope for the world, especially for countries in the Global South. India's advancements in digital technology are intended to foster international cooperation and partnerships. India is providing its expertise and open-source resources as shared global assets. A key instance of this is the Modular Open-Source Identity Platform (MOSIP), which has been implemented by more than twenty-five countries to establish their own sovereign digital identity frameworks. India not only provides technology but also supports other nations in its creation.

Efforts of India’s Fintech Community
The efforts of India’s fintech community have given indigenous solutions global relevance, interoperable QR networks, open commerce, and open finance frameworks as key areas where the growth of Indian startups is being recognized worldwide. Within the first six months of this year, India has emerged among the top three most-funded fintech ecosystems globally.

India’s strength lies not just in scale, but in integrating scale with inclusion, resilience, and sustainability. The role of Artificial Intelligence (AI) in reducing underwriting bias, detecting fraud in real time, and enhancing various services is unparalleled. To unlock this potential, there is a joint investment in data, skills, and governance.

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India’s approach to AI is 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 startup. Efforts are underway to deliver the benefits of AI to every district and in every language. India’s Centers of Excellence, skilling hubs, and indigenous AI models are actively ensuring this outreach.

India has consistently supported the creation of a global framework for ethical AI. India’s experience with digital public infrastructure and its learning repository can be valuable for the world. The path India has followed in digital public infrastructure is the same approach it seeks to advance in AI. While global debates continue around trust and safety rules for AI, India has already built a trust layer.

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India’s AI Mission is equipped to handle both data and privacy concerns. 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.

AI can be the driving force behind this transformation. AI applications must be designed with people at the center. A first-time digital finance user must have confidence that errors will be swiftly resolved. This confidence will further strengthen digital inclusion and trust in financial services.