Fintechs urged to build strong safeguards against hacking

Financial Services Secretary M Nagaraju on Monday urged fintech companies to promote financial inclusion and ensure consumer protection by building robust safeguards against fraud, hacking, and cyber threats using emerging technologies like artificial intelligence.

"Fintech plays a pivotal role in advancing financial inclusion by extending essential financial services to underserved and unserved regions, thereby contributing significantly to India's growth narrative," he said, asking fintechs to focus their attention on payment solutions for offline payment, good connectivity coverage, and cross-border payments.

Speaking at an event held by CII, Nagaraju highlighted the government's efforts in fostering a supportive ecosystem for fintech innovation, underpinned by a strong digital infrastructure and transformative welfare schemes.