Maharashtra Chief Minister Devendra Fadnavis said Mumbai has the potential to emerge as a hub for the development and testing of next-generation financial technology, particularly as artificial intelligence becomes more integrated into financial services.
Speaking at the opening session of Global Fintech Fest 2026, Fadnavis said the evolution of digital finance could move beyond providing access to financial services towards giving consumers greater control over their financial decisions.
“The first generation of digital finance gave the people access. The next generation can give the people agency,” Fadnavis said.
He highlighted the potential of agentic AI to support individuals and businesses with financial decisions. Such systems could help entrepreneurs understand cash flows, anticipate working capital requirements, explore financing options and make informed decisions.
Fadnavis also stressed that greater use of AI in finance would need to be accompanied by accountability, consent, security and consumer control.
“AI may act for the citizen, but the citizen must remain in control,” he said.
According to Fadnavis, trust will remain an important foundation as financial institutions and technology companies adopt AI at scale.
“In finance, ultimately, trust is the technology on which every other technology rests,” he said.
Fadnavis said Maharashtra aims to position itself as a testing ground for fintech innovation by bringing together its financial and technology ecosystems. He pointed to the state’s growing focus on AI, data centres, startups and advanced technology.
He also highlighted the potential applications of emerging technologies across areas including agriculture, MSMEs, public finance, fraud prevention and citizen services.
Fadnavis further connected the growth of financial AI with other emerging technologies such as tokenisation and quantum computing, noting that the future of financial technology will require innovation alongside appropriate legal, regulatory and security frameworks.
He said Mumbai could play a larger role in developing and scaling financial technologies for both India and global markets.
“UPI democratised transactions. The next generation of fintech must democratise credit, intelligence, ownership and opportunity,” Fadnavis said.
