Mumbai: Union Finance Minister Nirmala Sitharaman delivered a powerful address at the inaugural session of the Global Fintech Fest (GFF) 2025, held at Mumbai’s Jio World Centre, urging stakeholders to confront the growing threats of AI-driven deception while harnessing technology for a trusted financial future. Speaking to a large audience including fintech leaders, policymakers, and innovators, Sitharaman highlighted the dual nature of technological advancements in the financial sector.
Union Finance Minister Nirmala Sitharaman's Statements
“The same tools that power innovation can be weaponised for deception and fraud,” Sitharaman cautioned, sharing her personal experience with deepfakes. “I have seen several deepfakes of mine being circulated online, manipulated to mislead citizens and distort facts. It was a reminder of the urgency with which we must strengthen our defense.” She emphasized that the threat has evolved beyond breaching firewalls to “hacking trust,” with criminals using AI to mimic voices, clone identities, and create lifelike videos to manipulate individuals.
Sitharaman praised initiatives by the Securities and Exchange Board of India (SEBI) and the National Payments Corporation of India (NPCI) to combat impersonation and fraud, specifically highlighting the launch of a dedicated @valid UPI handle for SEBI-registered investor intermediaries. “This is a step toward safeguarding investors and ensuring trust in our financial systems,” she noted.
On India's Technological Journey
Reflecting on India’s technological journey, Sitharaman recalled the historic first mobile phone call made in 1995 between Delhi and Kolkata, which sparked a revolution. “What seemed like a modest technological milestone has reshaped how 140 crore Indians live, work, and connect. The mobile phone has evolved from a luxury into an indispensable tool of empowerment—India’s bank, classroom, and television,” she said. Looking toward India’s vision of Viksit Bharat by 2047, she stressed that technology must remain a bridge, not a barrier, deepening trust, safeguarding privacy, and uplifting citizens.
To tackle emerging challenges like deepfakes and cybersecurity breaches, Sitharaman called for a “whole-of-society approach.” “Every part of the ecosystem—regulators, fintechs, startups, and citizens—must act with shared purpose and mutual trust,” she urged, framing this as a national mission to build a financial system that is innovative, inclusive, trusted, and resilient.
The Global Fintech Fest 2025, themed ‘Empowering Finance for a Better World Powered by AI,’ is a three-day event featuring over 7,500 companies and 400 exhibitors. It includes keynotes from Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, alongside workshops, hackathons, and the Bharat AI Experience Zone, a collaboration between NPCI and NVIDIA showcasing AI-driven financial solutions. The festival underscores India’s growing role as a global fintech hub, fostering innovation and collaboration to shape the future of finance.
