New Delhi, NFAPost: Finance Minister Nirmala Sitharman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyberfrauds.
Lauding the success of fintechs, the Finance Minister said they have helped in speeding up financial inclusion, and taking the payment system to even the far-flung areas of the country.
Speaking at the Digital Payments Awards 2025 Ceremony here, Sitharaman said it is important to ensure that startup companies come up with solutions so that people are not arrested at home digitally, or fly by night operators don’t take away their money.
Another major threat, she pointed out, is ‘deep fake’, which is causing a lot of damage to the public in large.
“Today, we should take care of addressing them so we need a set of fintech companies which are constantly working to give solutions for the newer challenges which are arising,” Sitharaman said.
She also called upon the fintech sector to further expand the digital lending facilities to the key MSME sector.
Sitharaman further said Indian fintech innovations have the potential to become global public goods that can benefit other emerging and developed economies. This will open new markets for our firms.
International merchant payments through UPI are now accepted at select merchant outlets in seven countries, including Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and the UAE.
Indian fintech market is projected to grow to over $400 billion by 2028-29. “That’s not too far away. Just three years. Reflecting on an anticipated annual growth of 30%. The scale of opportunity is immense. I firmly believe its best chapters are yet to be written.
“Together, let us ‘Innovate, Include, and Inspire’. Innovate new solutions fearlessly, include every citizen in your vision, and inspire the world with what India can achieve,” she said.
