New Delhi: Finance Minister Nirmala Sitharaman has said that technology adoption in India is very high not only at major cities but Tier-2 and Tier-3 cities and rural areas. “Digital adoption by Indian citizens is amazing,” she added, while addressing the session ‘Future of Financing’ at FICCI LEADS-2022 here recently.

Sitharaman said that the future of finance is going to be Volatile, Uncertain, Complex and Ambiguous (VUCA) and there is a sense of urgency with which we need to plan. She also stated that the role of artificial intelligence is going to be critical in the Fintech sector. “I see a big role for AI in the Fintech sector in detection of fraud, crime and accessing the risks. We will have to ensure personal data security, national and cyber security in our planning,” she added.

The Finance Minister stated that India is working on a system where only a single KYC is needed which can be used across different spheres. Speaking on the success of UPI, she said that in July, UPI processed 6.28 billion transactions worth Rs 10.62 trillion, which is 7 per cent higher than June. “UPI target is to cross one billion transactions per day in the next 5 years,” she noted.

Sanjiv Mehta, President, FICCI and CEO and MD, Hindustan Unilever Limited, said that venture capitalists are convinced that ESG factors play an important role in a company's valuation. “Fintech is fostering financial inclusion,” he added. Naina Lal Kidwai, Chairman, Rothschild and Co India and Senior Advisor, Advent Private Equity, reinstated the need for global collaboration and partnership in building a future for finance.

Richard Abel, Managing Director, UK Climate Investments, Macquarie Group, highlighted the importance of gender diversity, equity, and inclusion in the Future of Finance. Dr Ruth P Goodwin-Groen, Founder and Managing Director, UN-based Better Than Cash Alliance, USA, stated that there is a huge opportunity in India for creating a future that works for everybody. /BI/