Sitharaman Warns Against Weaponising Technology, Urges Fintechs to Focus on Trust and Inclusion
Finance Minister Nirmala Sitharaman on Tuesday cautioned against the misuse of proprietary technology, stressing that innovation “must not be weaponised” by those holding exclusive rights in certain sectors. Speaking at the Global Fintech Fest 2025 in Mumbai, she said digital public infrastructure such as Aadhaar, UPI, and account aggregators should serve the public good. Her remarks come amid ongoing legal disputes between Nayara Energy and international software giants Microsoft and SAP over the suspension of key services.
Sitharaman urged fintechs to prioritise profitability, risk management, and regulatory compliance while driving innovation. She highlighted that frameworks like the Reserve Bank of India’s sandbox and the self-regulatory organisation (SRO) model promote responsible innovation in a supervised environment. “Speed and scale must walk hand-in-hand with safety,” she noted, emphasising that trust, security, and inclusion should guide India’s fintech revolution as millions join the formal financial system.
The Finance Minister also launched the Foreign Currency Settlement System (FCSS) at GIFT City, enabling real-time foreign currency transactions through the International Financial Services Centres Authority (IFSCA). With this launch, GIFT City joins global financial hubs like Hong Kong, Tokyo, and Manila in offering local settlement infrastructure. Sitharaman further called on fintech companies to address challenges such as MSME credit access, financial inclusion for women and gig workers, and the creation of sustainable, green financing solutions.
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