Cybersecurity and Inclusion Must Go Hand-in-Hand
India’s Financial Services Secretary, M Nagaraju, has called on fintech companies to strengthen cybersecurity measures while deepening financial inclusion. Speaking at a CII event, he urged startups to use emerging technologies like artificial intelligence to build robust protections against fraud, hacking, and digital threats.
This message comes at a critical time, as the fintech sector expands rapidly, serving millions of customers across urban and rural markets. Nagaraju believes security cannot be an afterthought — it must be built into every digital financial solution from day one.
Fintech’s Role in India’s Growth Story
“Fintech plays a pivotal role in advancing financial inclusion,” Nagaraju stated, emphasizing that these platforms extend essential services to unserved and underserved communities. When executed securely, these services contribute directly to India’s inclusive growth narrative.
The Secretary also acknowledged the government’s active role in enabling fintech innovation. Backed by robust digital infrastructure and transformative welfare schemes, India has emerged as a global leader in digital financial services.
Offline Payments and Cross-Border Flows Are Priorities
Nagaraju advised fintechs to not only focus on cybersecurity but also pay attention to offline payment solutions. This ensures coverage in areas with limited internet access, where people may rely on basic feature phones.
He also emphasized the need to improve cross-border payment flows, especially for Indian migrants and exporters who face delays and high costs in international transactions. Enhancing connectivity and offline capabilities can make digital payments accessible, reliable, and secure for everyone.
Consumer Protection Begins with Digital Defense
With cyberattacks on the rise, Nagaraju stressed the need for smart, AI-driven fraud prevention tools that can detect unusual behavior in real-time. These technologies can significantly reduce financial losses and boost customer trust.
As India pushes forward with UPI and other digital frameworks, consumer confidence hinges on safety. Fintechs must make cybersecurity a core pillar, especially while onboarding users new to digital finance.
A Call to Innovate Responsibly
The government, while fostering innovation, expects the fintech sector to operate responsibly. By prioritizing secure design, privacy safeguards, and proactive monitoring, fintechs can ensure long-term sustainability.
Nagaraju’s remarks highlight that fintech growth should never compromise trust, security, or user well-being. In fact, safeguarding digital financial access is the only way to keep India’s inclusion journey on track.
Conclusion: Fintechs Must Balance Innovation with Protection
To unlock the next phase of financial inclusion, fintechs must double down on cybersecurity innovation. By embedding AI-powered safeguards, improving offline access, and streamlining cross-border flows, fintech players can create a safe, seamless, and inclusive digital future.