At the Global Fintech Fest 2025 in Mumbai, Finance Minister Nirmala Sitharaman highlighted the dual nature of Artificial Intelligence (AI), noting its potential for both innovation and deception. While AI is revolutionizing sectors like finance and governance, Sitharaman warned that it can also facilitate serious risks, including fraud and identity theft, as evidenced by deepfake technologies targeting individuals. She urged the fintech sector to fortify defenses against this evolving digital crime landscape, emphasizing that the focus should be on trust rather than just cybersecurity measures. Sitharaman called for fintechs to enhance transparency, innovate responsibly, and address challenges such as credit access for MSMEs and financial inclusion for women and gig workers. With India’s substantial smartphone user base, she encouraged scalable solutions beyond finance, like healthcare and agriculture. By developing AI rooted in local languages and contexts, India can lead in global AI advancements, ensuring innovation is secure, resilient, and inclusive.
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