New Delhi: During the inauguration of the three-day Global Fintech Fest (GFF 2023), Finance Minister Sitharaman emphasized the critical need for fintech companies to safeguard against various threats. She highlighted that fintech has become a potent tool for financial inclusion and noted that they now hold a 36 percent share of new-to-credit customers, surpassing brick-and-mortar banks with their 22 percent share in this core business area.
Sitharaman acknowledged that the fintech ecosystem, while thriving, is susceptible to a range of challenges. These encompass traditional concerns such as physical border threats arising from conventional warfare, as well as contemporary issues like cyber threats, crypto threats, drug-related concerns, and tax evasion schemes.
To counter these threats and ensure the responsible, inclusive, and resilient growth of the financial ecosystem, Sitharaman urged fintech companies to make substantial investments in their security measures.
The event also featured an awards ceremony that celebrated the achievements of notable fintech players from both India and abroad. Among the accolades presented was the prestigious ‘Leading Fintech Personality of the Year’ award for the Gulf Cooperation Countries, which was bestowed upon Adeeb Ahamed, Managing Director of Lulu Financial Holdings in Abu Dhabi, in recognition of his contributions to transforming cross-border payments between the GCC and India.
Other recipients included Bhavesh Gupta, President & COO of One97 Communications Ltd, who received the ‘Fintech Leader of the Year’ award, Tom Greenwood, Founder-CEO of Volt, recognized as the ‘Leading Fintech Personality of the Year-Europe’, Kailash Nadh, CTO of Zerodha, who won the ‘Fintech CTO of the Year’ award, and Open Network for Digital Commerce, honored as the ‘Fintech Company of the Year’.
Additionally, Sitharaman unveiled a comprehensive thought leadership report titled “The Second Wave – Resilient, Inclusive, Exponential Fintech” during the event. This report was introduced in the presence of distinguished figures from the industry, including Yash Erande, Saurabh Tripathi, Vishwas Patel, Naveen Surya, Kris Gopalakrishnan, G. Padmanabhan, Praveena Rai, Dilip Asbe, Srinivas Jain, and other luminaries.
