Fintech Frontier: Innovating Against Cyberfraud and Expanding Global Horizons
Finance Minister Nirmala Sitharaman urged fintech startups to address digital fraud and expand financial inclusion. Speaking at the Digital Payments Awards 2025, she highlighted the potential of Indian fintech innovations as global public goods. The sector is projected to reach USD 400 billion by 2028-29.
- Country:
- India
In a call to action, Finance Minister Nirmala Sitharaman urged fintech startups to develop cutting-edge solutions to tackle the increasing threat of digital fraud, including 'deep fakes' and cybercrimes orchestrated by fly-by-night operators. Speaking at the Digital Payments Awards 2025, Sitharaman emphasized the role of fintechs in advancing financial inclusion across India.
Highlighting the global potential of Indian fintech innovations, the Minister stressed the need for the sector to expand digital lending to MSMEs and explore international markets. She noted that Indian fintech products could become global public goods, benefiting emerging and developed economies.
With the Indian fintech market poised to reach USD 400 billion by 2028-29, Sitharaman praised the unique progress and innovation pace of the sector. She pointed out India's substantial contributions to real-time digital transactions and successful implementation of direct benefit transfers, which have saved significant resources.
(With inputs from agencies.)
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