India's PM Urges Fintech Sector to Bolster Cybersecurity and Consumer Protection
Indian Prime Minister Narendra Modi has called on fintech companies to enhance cybersecurity and consumer protection measures amid rapid technological advancements. He emphasized the need for new safeguards within the fast-growing digital financial services sector.
Prime Minister Narendra Modi has urged Indian fintech companies to strengthen cybersecurity and consumer protection measures as the sector embraces new technologies. Speaking at the Global Fintech Fest (GFF) 2026 inauguration in Mumbai, Modi stressed the importance of building robust safeguards for India's expanding digital financial services and fintech landscape.
The Prime Minister highlighted that the rapid adoption of technologies like agentic AI and quantum computing must be matched by enhanced security and trust mechanisms. He called for "top-notch cybersecurity" as financial services increasingly rely on digital infrastructure and AI, also stressing ethical data protection practices to maintain consumer confidence amidst innovation.
Modi outlined four key priorities for the sector: stronger cybersecurity, ethical data protection, improved consumer safeguards, and closer collaboration between industry and regulators. He noted that while India's fintech boom initially focused on payments and infrastructure, the next phase requires innovation in financial products and automated decision-making.
The Prime Minister encouraged fintech firms to diversify beyond payments into areas such as credit, insurance, and pensions. He also urged platforms to extend financial services to underserved populations. The infrastructure built by the Unified Payments Interface (UPI) should serve as a foundation for a broader digital financial ecosystem.
Modi also touched upon the global expansion of UPI, proposing its integration with international payment systems to help Indians abroad save on remittance costs. The UPI system has seen substantial growth since 2016, with India's fintech economy projected to reach over $250 billion in revenue by 2030.