ENA Sectors 2025-06-19 16:06:17 <p><span style="font-size:14px"><strong>New Delhi, Jun 19 (KNN)</strong> At the Digital Payments Awards ceremony, Finance Minister Nirmala Sitharaman urged fintech companies to step up and address mounting threats such as digital arrests, cyber fraud, and emerging risks from deep‑fake technologies.</span></p> <p><span style="font-size:14px">Sitharaman lauded fintechs role in democratising finance, noting that innovations like UPI have boosted inclusion, especially in remote regions. </span></p> <p><span style="font-size:14px">However, she emphasised the flip side: opportunistic fraudsters are exploiting these same systems.</span></p> <p><span style="font-size:14px">People must not be digitally arrested at home, nor have their money stolen by fly‑by‑night operators, she warned.</span></p> <p><span style="font-size:14px">The FM also flagged deep‑fake technology as an escalating cyber‑threat, damaging public trust and demanding urgent fintech-led solutions. </span></p> <p><span style="font-size:14px">She called for continuous innovation to counter these novel challenges, urging startups to create robust safeguards.</span></p> <p><span style="font-size:14px">Sitharaman highlighted fintechs global ambitions: UPI transactions are now accepted in seven countries&mdash;including Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE&mdash;and she encouraged domestic firms to export their successful models abroad. </span></p> <p><span style="font-size:14px">With the Indian fintech market set to reach USD 400 billion by 2028 29, growing at about 30 per cent annually, the opportunity is immense.</span></p> <p><span style="font-size:14px">She noted that fintech has delivered significant social benefits: Rs 44 lakh crore has been disbursed through Direct Benefit Transfer since 2014, saving Rs 3.48 lakh crore in leakages.</span></p> <p><span style="font-size:14px">At the event, Sitharaman also urged fintechs to expand digital lending to MSMEs, combining the strengths of physical + digital (phygital) finance to build trust.</span></p> <p><span style="font-size:14px">She praised banks and fintechs for jointly driving Indias digital finance revolution.</span></p> <p><span style="font-size:14px">Sitharamans message was clear: fintech must now not only innovate for growth but also actively safeguard users&mdash;especially the vulnerable&mdash;against sophisticated cyber threats.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 42512 https://knnindia.co.in/news/newsdetails/sectors/finmin-sitharaman-calls-on-fintech-firms-to-tackle-digital-arrest-scams-cyberfraud 2025-06-19 16:06:17 knnindia.co.in