INDORE: Delegates at Eurasian Group (EAG) meeting on Wednesday concurred that India’s fintech industry has emerged as a global leader in digital payment systems and financial inclusion.
“Its (fintech industry) advancements enhanced speed and ease of payments, established robust frameworks for ease of doing business, and solidified India’s position as a hub for digital innovation,” Union finance ministry additional secretary Vivek Aggarwal said on Wednesday.
“Fintech development is crucial for the growth of our digital payment systems. As the industry expands, it strengthens financial inclusion and streamlines transactions, making India a global leader in fintech,” Aggarwal said.
Alongside this rapid growth, the industry faces challenges related to financial crimes and cyber fraud, primarily driven by the anonymity that technology sometimes enables.
Aggarwal said that in the session between Asia Pacific Group and Eurasian Group on Wednesday, key stakeholders including representatives from various countries and industry leaders deliberated on these challenges.
“The insights gained are expected to shape the global dialogue on how fintech development can align with robust safeguards against financial crimes,” he said.
India has taken proactive measures to strike a balance between fostering innovation and enforcing stringent regulations to combat money laundering and counter terror financing.
The joint workshop of EAG and Asia Pacific Group focused on regulating technology to prevent cyber fraud and financial crimes while ensuring that industry growth is not hindered. “Our aim is to boost the ease of digital business and maintain India’s position as a digital technology hub while controlling financial crimes,” the officer added.
Several sessions were held on the third day of the 41st EAG plenary meeting that is going on in Indore.
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