MUMBAI: Nirmala Sitharaman, the Union Finance Minister, has emphasized the crucial role that fintech companies play in promoting financial inclusion and shaping India's financial landscape. She urged these firms to be vigilant and protect themselves against both traditional and modern threats in an increasingly complex global environment.

During the inauguration of the three-day Global Fintech Fest (GFF 2023) in Mumbai, Sitharaman highlighted the significance of fintech as a powerful and dynamic tool for financial inclusion. Fintech companies currently account for 36 percent of new-to-credit customers, surpassing the 22 percent share held by traditional brick-and-mortar banks, making it a core part of their business.

However, Sitharaman acknowledged that the fintech industry faces various challenges and threats in the modern world. These include conventional geopolitical tensions, cyber threats, cryptocurrency-related risks, drug-related issues, tax havens, and tax evasion.

To address these pressing threats and ensure the development of a responsible, inclusive, and resilient financial ecosystem, Sitharaman called upon fintech companies to make substantial investments in their security and protection measures.

The event also featured a glamorous awards ceremony where notable fintech players from India and around the world were honored in various categories. Some of the prestigious awards included:

The Global Award for 'Leading Fintech Personality of the Year' for the Gulf Cooperation Countries was presented to Adeeb Ahamed, Managing Director of Lulu Financial Holdings in Abu Dhabi, in recognition of his efforts to revolutionize cross-border payments between the GCC and India.

Bhavesh Gupta, President & COO of One97 Communications Ltd, received the 'Fintech Leader of the Year' award.

Tom Greenwood, the Founder and CEO of Volt, was honored with the 'Leading Fintech Personality of the Year-Europe' award.

Kailash Nadh, CTO of Zerodha, was recognized as the 'Fintech CTO of the Year.'

The 'Fintech Company of the Year' award was presented to Open Network for Digital Commerce.

Sitharaman also unveiled a thought leadership report titled "The Second Wave – Resilient, Inclusive, Exponential Fintech" during the event. The report's release was attended by industry leaders such as Yash Erande, Saurabh Tripathi, Vishwas Patel, Naveen Surya, Kris Gopalakrishnan, G. Padmanabhan, Praveena Rai, Dilip Asbe, Srinivas Jain, and other distinguished figures.

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