India’s Prime Minister, Narendra Modi, recently positioned the nation as a leading fintech hub for the Global South, advocating for enhanced digital collaboration worldwide. Speaking alongside UK Prime Minister Keir Starmer at the Global Fintech Fest 2025 in Mumbai on October 9, Modi underscored India’s pivotal role in shaping the future of global finance.
Addressing the final day of the prestigious event, Mr. Modi articulated a vision where “India’s success in technology is not just for its own benefit, but a beacon of hope for the Global South.” He expressed India’s eagerness to foster global digital cooperation, sharing its rich experience and open-source frameworks as essential public goods. Furthermore, he emphasized that India’s journey in Artificial Intelligence is fundamentally geared towards building a resilient, sustainable, and inclusive society.
In a reciprocal gesture, Mr. Starmer announced that four prominent Indian fintech companies—Razorpay, Cred, Paytm, and Perfios—are poised to invest in the United Kingdom. Leading a substantial 126-member delegation of British business leaders from the Indian finance and technology sectors, Mr. Starmer highlighted historical collaborations, such as the successful COVID-19 vaccination program involving Oxford, AstraZeneca, and the Serum Institute of India. He extended a clear invitation, stating, “I’m here to extend an invitation to all of you. To do business with Britain. To see the U.K. as your gateway to going global.” The UK Premier also revealed plans to establish a dedicated investment office specifically for fintech companies looking to enter the UK market, praising the U.K.-India Free Trade Agreement as the most significant post-Brexit deal for the UK.
Elaborating on India’s strides in AI, Prime Minister Modi pointed out that the concept of democracy has transcended mere policy to focus on making technology universally inclusive, especially in a world grappling with the digital divide. “For a long time, the world debated digital divide. But India has turned that debate into a story of inclusion,” Mr. Modi asserted. He added that India has successfully democratized technology, making it accessible to every citizen across all regions, demonstrating its potential as a tool for inclusion rather than exclusion.
Looking ahead, Mr. Modi outlined strategic initiatives designed to boost trade and integration. He stated, “We are strengthening connections between startups, institutions, and innovation hubs. The U.K.–India FinTech Corridor will help start-ups pilot and grow new solutions. Collaboration between the London Stock Exchange and GIFT City will enhance financial integration and benefit companies under the Free Trade Agreement.”
The Prime Minister also celebrated India’s fintech achievements, particularly its crucial role in extending financial services to the unbanked and underserved populations. He expressed satisfaction that Indian states are readily embracing open ecosystems, citing examples like ONDC (Open Network for Digital Commerce), which provides small shops and MSMEs with nationwide market access, and OCEN (Open Credit Enablement Network), which is effectively expanding credit access for small enterprises and bridging critical credit gaps for MSMEs.
Both government leaders expressed strong appreciation for the existing robust partnership between India and the UK, emphasizing the potential for even deeper future collaborations. In a separate discussion, Mr. Modi noted that the current India-UK bilateral trade, valued at $56 billion, is targeted to double within five years, a goal he believes could be achieved even sooner given the strong momentum.