Finance Minister Nirmala Sitharaman
In the Global Fintech Fest 2025 (Global Fintech Fest 2025) Finance Minister Nirmala Sitharaman on Monday gave four important suggestions to India’s fintech companies. He said that now the time has come when the Fintech sector should also pay attention to the basic principles, trust, safety and inclusion of business, not just innovation. Let’s know what Finance Minister Nirmala Sitharaman said to Fintech companies.
Pay attention to the basic principles of business
Sitharaman said that Fintech companies should now focus on the basic things like Revenue Growth, Product Innovation and Risk and Compliance. He said, as Fintech companies mature, they should continue innovation by meeting better financial performance and regulatory standards. According to the Finance Minister, companies which run by balance between innovation and business can also be sustainable and responsible in rapidly changing competition.
Focus on trust, security and inclusion
Sitharaman said that digital fintech ecosystem has big challenges like cyber security, digital fraud and wrong loan practice. He said, when millions of people are joining the formal financial system, then we have to pay attention to the trust, safety and incidence not only on innovation. The Finance Minister also said that the regulation should also develop over time to make the Fintech revolution safe, responsible and durable.
Work closely with the regulator
Sitharaman asked Fintech companies to cooperate with regulators, share their customers’ needs and suggestions and experiment with responsibility. He said, regulation is not a hindrance, but it is like a seat belt for safe speed. The government and RBI have together formulated a responsible and flexible structure, which gives companies to try new things in a controlled environment.
Remove financial system flaws
The Finance Minister said that the Fintech sector should help in filling the small flaws left in the financial ecosystem of the country. He said, prepare products promoting credit difficulties for MSMEs, financial inclusion for women and youth, and sustainability using your technology and creativity.