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Nirmala Sitharaman: ‘Cos in fintech space should ensure safety, data privacy’

Addressing the Global FinTech Fest 2021, Sitharaman said that the value of digital transactions had jumped to Rs 6 lakh crore between January and August 2021, compared to Rs 4 lakh crore and Rs 2 lakh crore in 2020 and the year before, respectively.

By: ENS Economic Bureau | New Delhi |
September 29, 2021 2:04:37 am
Sitharaman said in addition to economic relief measures, India has undertaken significant structural reforms to turn the crisis into an opportunity and emerge stronger. (File)

Companies operating in the fintech space should ensure that there is no compromise on safety and data privacy to earn the trust of clients in a growing space, Finance Minister Nirmala Sitharaman said.

Addressing the Global FinTech Fest 2021, Sitharaman said that the value of digital transactions had jumped to Rs 6 lakh crore between January and August 2021, compared to Rs 4 lakh crore and Rs 2 lakh crore in 2020 and the year before, respectively.

“Safeguard of client data, is something which I think is the backbone to bringing trust. Unless my data is safeguarded well I wouldn’t want to get into a scheme of things. So that is the guiding principle,” the finance minister said, adding that the fintech adoption rate in India stood at 87 per cent compared to the global average of 64 per cent.

Earlier in the day during the event, WhatsApp India head, Abhijit Bose, announced that the company’s pilot “to enable people to sign up for micro pensions from HDFC Pensions and their partner, pinBox” was now live on the platform. Addressing the event during a separate webinar, Bose said that WhatsApp API was helping services across segments delivery mobile-first solutions.

The company has also focused on expanding financial inclusion, Bose said.

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