Her remarks came at the Digital Payments Awards 2025, where she said the rapid evolution of financial technology in India must be matched with equal emphasis on consumer protection and cybersecurity.
Photo: ANI
Amid the growing menace of cyber frauds and digital arrests, Union Finance Minister Nirmala Sitharaman on Thursday called on India’s fintech startups to develop effective technological solutions to tackle emerging threats such as deepfakes, fraud by fly-by-night operators, and other online scams.
Her remarks came at the Digital Payments Awards 2025, where she said the rapid evolution of financial technology in India must be matched with equal emphasis on consumer protection and cybersecurity.
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“It is important that startup companies come up with solutions so that people are not arrested at home digitally, or fly-by-night operators do not take their money,” she said, stressing the urgent need to address new forms of cyber threats.
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The minister flagged deepfake technology as another pressing concern, warning that it is “causing a lot of damage to the public at large.” She underscored the need for a fintech ecosystem that can proactively offer safeguards and countermeasures against these risks.
Sitharaman commended the fintech sector for revolutionizing digital finance and enhancing financial inclusion, especially in far-flung and rural areas. India now accounts for nearly 50% of all real-time digital transactions globally, she said, crediting fintech innovation for this rapid transformation.
She also highlighted the success of Direct Benefit Transfer (DBT) mechanisms, which have plugged leakages and enabled direct assistance to citizens. Since 2014, over ₹44 lakh crore has been transferred through DBT, saving ₹3.48 lakh crore in the process.
Calling Indian fintech innovations potential “global public goods,” the finance minister urged Indian companies to export their models and technologies to new international markets. The Unified Payments Interface (UPI), she noted, is already accepted at select merchant outlets in seven countries — Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE.
“Our players must aim to export our successful models abroad and capture global markets. We have the talent, we have the market scale, and we have the proven solutions,” Sitharaman said.
The Indian fintech industry is projected to cross USD 400 billion by 2028-29, registering an annual growth rate of 30%, she said, adding that “India’s best fintech chapters are yet to be written.”
The finance minister also called on the fintech community to lead with innovation and inclusion.
“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.”
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