Amid rapid advances in artificial intelligence (AI), evolving cybersecurity threats, growing demands for digital trust and the increasing importance of technological self-reliance, KPMG in India and Mastercard today unveiled their report, Intelligent, sovereign and scalable: Architecting the future-ready financial operating system, at Global Fintech Fest 2026. The report highlights how AI, digital public infrastructure (DPI), trusted data-sharing frameworks, tokenisation and sovereign technology capabilities are reshaping the future of financial services.
It examines the strategic forces transforming the industry and explores India’s opportunity to build a financial ecosystem that is intelligent in decision-making, sovereign in its technological foundations and scalable in its ability to drive innovation and inclusive growth.
The report explores the convergence of AI-driven decisioning, programmable finance, consent-based data sharing, quantum-safe security and embedded regulatory intelligence, highlighting how these developments are creating a more connected, resilient and responsive financial ecosystem globally. It also examines how financial institutions are moving beyond standalone technology deployments towards integrated architectures that connect intelligence, execution and governance across the financial services value chain.
For India, these themes have particular significance. Over the last decade, the country has demonstrated how interoperable digital public infrastructure can drive financial inclusion and innovation at population scale. Platforms such as Aadhaar, UPI, DigiLocker, ONDC and the Account Aggregator framework have helped establish a foundation that supports seamless digital interactions, real-time payments and trusted data sharing across the economy. As the focus now shifts towards sovereign AI, trusted governance frameworks and resilient digital infrastructure, India is well positioned to shape a globally relevant financial ecosystem that balances innovation, trust and strategic self-reliance.
As financial services continue to evolve, institutions are increasingly exploring AI-native operating models, tokenised financial infrastructure, federated fraud intelligence and real-time compliance capabilities. At the same time, strengthening sovereign technology capabilities, enhancing cyber resilience and preparing for emerging risks such as quantum-era security threats are becoming important priorities for long-term competitiveness and sustainable growth.
Akhilesh Tuteja, Partner and Head, Clients and Markets, KPMG in India said “The future of financial services will be defined by the convergence of AI, trusted data sharing and real time digital infrastructure. India starts from a position of strength, having built some of the world’s successful digital public platforms at scale. The next opportunity is to combine innovation with trust and resilience to create a financial ecosystem, that is intelligent, sovereign and globally relevant”
Hemant Jhajhria, Head of Consulting, KPMG in India said “India has already demonstrated the transformative power of digital public infrastructure at scale. The next frontier lies in combining AI, trusted data-sharing frameworks, programmable finance and sovereign technology capabilities to create a financial operating system that is intelligent, resilient and future-ready. By embedding trust, governance and innovation into the foundation of financial services, India has the opportunity to shape a globally relevant model for the future of finance.”
Manoj Kumar Vijai, Non Executive Chairman, KPMG in India said “India’s digital journey has created a strong foundation for the future of financial services. As technology reshapes the industry, the opportunity lies in harnessing innovation responsibly to drive sustainable growth, greater inclusion and lasting value for the economy.”
Vishnu Pillai, Financial Services Technology Leader and Office Managing Partner- Kochi, KPMG in India said “The report highlights that the future of financial services will be shaped by the convergence of AI, tokenisation, trusted data-sharing frameworks and resilient digital infrastructure. As these capabilities mature, institutions will need to move beyond standalone technology adoption towards integrated operating models that can enable more intelligent decision-making, programmable solutions for customers and scalable innovation across the financial services value chain.”
Kunal Pande, Partner and Leader – Cyber, Risk and Compliance, KPMG in India said “The true test of innovation is not whether it can be launched, but whether it can be trusted, scaled and sustained. As financial services become more intelligent and interconnected, trust, risk, resilience and sustainable unit economics must form part of the design blueprint. Institutions that combine technological ambition with strong governance, cyber resilience and commercial viability will be better positioned to scale responsibly, navigate emerging risks and create enduring value for customers and the wider financial ecosystem.”
Highlights from the report :
- India’s fintech ecosystem has grown to more than 17,700 fintechs, driving AI-led digital transformation across banking, payments, and financial services
- Financial services firms are approaching an AI inflection point, with adoption expected to rise from 26 per cent to 65 per cent within 12 months, signaling a rapid shift from experimentation to scaled deployment across the industry
- Approximately 2.9 billion financial accounts are enabled to share data through the Account Aggregator framework, supported by over 538 million fulfilled consents as of July 2026, enabling faster and more data-driven financial services
- With the global digital assets market expected to generate ~USD 101 billion in revenue by 2026, tokenization is emerging as a key catalyst, enabling the conversion of financial assets into digitally tradable instruments that enhance liquidity, accessibility, and market efficiency
- Quantum-safe security is becoming an increasingly important strategic priority, with institutions preparing for future cryptographic risks across payments, digital identity and financial infrastructure
- Regulatory intelligence is becoming increasingly embedded within financial operations, enabling AI-driven monitoring, automated reporting and continuous compliance oversight across complex regulatory environments
Together, these developments point to a new phase of transformation where AI, trusted digital infrastructure, programmable finance and sovereign capabilities are increasingly shaping how institutions operate, manage risk and deliver value. For India, the convergence of DPI, trusted governance frameworks and strategic technology investments presents a significant opportunity to build a financial architecture that is intelligent, resilient, inclusive and globally relevant.