At GFF 2024, PM Modi Urges Stronger Measures Against Cyber Fraud to Safeguard Fintech Growth

Mumbai: Prime Minister Narendra Modi addressed the Global Fintech Fest (GFF) 2024, held at the Jio World Convention Centre in Mumbai, with a bold vision to propel India into the forefront of global fintech innovation. During his speech, Modi announced a Rs 1 lakh crore fund dedicated to fostering research and development across various sectors, particularly focusing on fintech and technology. This initiative aims to position India as a leader in cutting-edge innovation and sustainable economic growth.

In his address, Modi highlighted the rapid rise of fintech in India, driven by the widespread adoption of digital technologies. He pointed out that while traditional banks had a slower path to collapse, a significant cyber fraud could bring down a fintech company almost instantly, underscoring the fragility of the digital financial ecosystem. He emphasized the urgency for regulatory bodies to develop robust mechanisms to counter cyber fraud, which poses a significant threat to the stability and growth of fintech companies.

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The Prime Minister also touched upon the challenges faced by cybersecurity solutions, noting that many of them have a short lifespan due to the ever-evolving tactics of cybercriminals.

“No matter what schemes are introduced, cyber fraudsters find a way,” Modi remarked, stressing the need for continuous innovation and adaptation in cybersecurity measures.

Furthermore, Modi drew attention to the paradox of fintech growth—while the sector is booming and democratizing financial services, it also faces unprecedented risks. He urged for a balanced approach that promotes innovation while ensuring that the fintech ecosystem remains resilient against cyber threats.

The GFF 2024 saw participation from global leaders in fintech, policy makers, and industry experts, all converging to discuss the future of financial technology. Modi’s speech set the tone for the event, focusing on the dual goals of fostering innovation and safeguarding the digital economy from the pervasive threat of cyber fraud.

With this new fund and the government’s commitment to enhancing cybersecurity, India is poised to not only lead in fintech innovation but also set global standards in securing the digital financial landscape.

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