India as AI and Fintech Powerhouse: A Vision for the Global South
Finance Minister Nirmala Sitharaman called on fintech companies to prioritize risk management as AI-based fraud is on the rise. At the Global Fintech Fest, she also highlighted India's potential as a global hub for AI innovation. She introduced GIFT IFSC's Foreign Currency Settlement System, furthering India's fintech contributions.
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Finance Minister Nirmala Sitharaman urged fintech firms to intensify their focus on risk management as the threat of AI-driven fraud escalates. Speaking at the Global Fintech Fest 2025, she emphasized the potential risks associated with AI technologies, such as voice mimicry and identity cloning, which are being used increasingly by cybercriminals.
Sitharaman also showcased India's ambitions to become a global leader in artificial intelligence, highlighting the operational launch of the Foreign Currency Settlement System (FCSS) at GIFT IFSC. The FCSS positions India alongside prominent financial hubs by facilitating real-time settlement of foreign currency transactions.
The minister stressed the need for India's AI initiatives to be deeply rooted in local contexts and expressed hope that through focused strategies, India could emerge as the AI leader for the Global South. Additionally, she noted the immense impact of India's fintech evolution, which has seamlessly integrated a massive demographic into the formal banking system.
(With inputs from agencies.)
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