India and Saudi Arabia have signed a three-year Memorandum of Understanding aimed at strengthening cooperation between the two countries' fintech, startup and investment ecosystems. According to reports from The Economic Times, the agreement was signed at the Global Fintech Fest 2026 in Mumbai on Wednesday, September 9. The partnership was formalized by Dr Abdullah Ali Aldubaikhi, Assistant Minister for Business Development at Saudi Arabia's Ministry of Investment, and Dr Subho Ray, President of IAMAI. The signing coincided with Prime Minister Narendra Modi's address to the Global Fintech Fest 2026, where he urged India's fintech sector to expand beyond payment processing.
Speaking at the Global Fintech Fest 2026, Prime Minister Narendra Modi announced plans to connect UPI with more foreign payment systems, particularly those with large Indian populations and strong trade ties. As reported by The Economic Times, Modi stated that "Now to connect with other payment rails is the next step" for India's digital payment infrastructure. The expansion comes as UPI has already established itself as one of the world's largest instant payment systems by transaction volume, processing 24.51 billion transactions worth ₹29.82 trillion in August alone. The network is currently live in 11 countries including Singapore, the UAE, France and Nepal, with a successful link already established between UPI and Singapore's PayNow system since 2023.
The partnership will focus on market access, investment promotion, startup collaboration and cross-border business opportunities. As reported by The Economic Times, the framework will connect fintech companies and startups with investors, financial institutions and other businesses across India and Saudi Arabia. The collaboration could include business introductions, investor-startup matchmaking, market-access programmes, delegations, workshops and roundtables. The seventh edition of the Global Fintech Fest, running from 8th to 11th September, carries the theme "Potential to Impact: Agentic AI, Tokenisation, Quantum - Trusted, Connected, Global Systems for Inclusive Finance".
The partnership will explore investment-promotion initiatives and strategic collaborations while facilitating introductions between companies and relevant business stakeholders in both countries. According to The Economic Times, IAMAI and MISA plan to use major international fintech and startup platforms to maintain engagement beyond individual events. The collaboration will also include knowledge-sharing initiatives covering digital finance, fintech and emerging technologies, as well as research programmes. PM Modi emphasized that the next phase of India's fintech growth must deepen technology's role across credit, savings, pensions and insurance, particularly for segments underserved by traditional financial models.
Dr Abdullah Ali Aldubaikhi from Saudi Arabia stated that the cooperation aims to strengthen connections between the two ecosystems and create practical opportunities for companies, startups and investors. As reported by The Economic Times, the objective is to translate these connections into investment, market access, strategic partnerships and long-term collaboration between Saudi Arabia and India. Dr Subho Ray emphasized that the MoU provides an institutional framework to move beyond individual engagements towards a sustained India–Saudi fintech and startup corridor. Following the signing, IAMAI and MISA will explore a structured programme that could include India-Saudi fintech and startup delegations, investor and business matchmaking, market-access initiatives and identification of companies with potential to expand across the two markets. The MoU will remain in force for an initial three-year period and can be renewed by mutual agreement.
The expansion of UPI into global payment networks addresses a critical need for faster and cheaper cross-border transactions, particularly important for Indian remittances worth billions of dollars annually. As reported by The Economic Times, greater interoperability between instant payment networks could reduce friction caused by multiple intermediaries, currency conversion and different banking systems. Modi's comments come as India prepares to host the Brics summit in New Delhi on September 12-13, where discussions on trade, payments and economic connectivity are expected to be key focus areas. The initiative supports India's broader agenda for greater cooperation among Brics countries in areas such as trade, cross-border payments, technology and economic connectivity.
