Fintech Innovations: India's Leap into the Future

Finance Minister Nirmala Sitharaman urges fintech startups to develop solutions against fraud such as digital arrests and fly-by-night operators. She celebrates the sector's aid in financial inclusion, notes the threat of deepfakes, and encourages expanding digital lending for MSMEs and exporting India's fintech capabilities.

In a call to action for fintech startups, Finance Minister Nirmala Sitharaman highlighted the growing necessity for solutions to curb digital fraud, including digital arrests and deception by transient operators. She stressed the importance of innovation as India progresses in digital financial inclusion.

Addressing the Digital Payments Awards 2025, Sitharaman commended fintech companies for accelerating financial inclusion and extending payment systems to India's remote regions. She pinpointed deepfake technology as a significant public threat, urging fintechs to tackle emerging challenges.

The minister also encouraged the fintech sector to expand digital lending to support MSMEs and explore global markets. India's fintech market is expected to reach over USD 400 billion by 2028-29, with its real-time digital transaction success offering global potential. Sitharaman highlighted the exponential growth of digital payments in India as a testament to the country's rapid innovation.

(With inputs from agencies.)