Finance Minister says global cooperation required to combat cyber threats
By MYBRANDBOOK
Finance Minister, Nirmala Sitharaman said that in order to tackle cryptocurrencies and other threats originating from cyber space, global coopoeration is essential, outlining a topic that is set to be a key Indian focus at a Group of 20 summit in New Delhi this weekend.
“As much as you build firewalls, there are more and more newer ways in which attacks are being made. Crypto (is a) threat as well as an opportunity," Sitharaman said at a Global Fintech Fest.
Cryptocurrencies, she said, are also an example of how, unless global cooperation works out well, the world is not going to be able to have a responsible financial ecosystem that can regulate it.
“India’s Presidency has put on table, in the G20, issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets. Active discussions are happening. Content-rich papers from institutions like the International Monetary Fund (IMF), Financial Stability Board (FSB) and Organization for Economic Co-operation and Development (OECD) are all being discussed on various issues," she said ahead of the 8-10 September gathering of G20 leaders.
She mentioned the need to discuss threats to a responsible financial global ecosystem and be well seized of the problem, citing physical border, cyber and crypto threats.
According to her, fintech companies must heavily invest in robust security measures, utilizing advanced encryption and other measures to protect user-data and financial transactions.
“A secured system is what will build trust and therefore that is a must for the financial ecosystem to truly flourish. India can lead in making the financial ecosystem inclusive, resilient and sustainable," she said, adding that global cooperation is the key to making it possible. In her view, financial technology goes beyond geographical boundaries in an interconnected world and stresses upon cross-border partnerships. Also, collaborative ventures provide access to a vast and diverse customer-base, accelerating market participation and penetration.
She said annual global cross border payments are estimated at $20 trillion, incurring $120 billion in transaction cost. India, she said, is the largest remittance receiver with about $100 billion worth of remittance taking 2022 as the base.
“The high remittances are a motivating factor in our pursuit of enhancing cross- border payment arrangements. Enhancing cross-border payments has been India’s priority, also in the G20 we are talking about it," said Sitharaman.
Mentioning about the size of the market in India, Sitharaman asked the fintech industry to take a strong lead in cross-border payment systems, on the back of the successful experience in digital payments.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
LENOVO INDIA PVT. LTD.
ZOHO CORPORATION PVT. LTD.
SAMSUNG INDIA ELECTRONICS LTD.
VERSA NETWORKS INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Daisy Chittilapilly
Daisy Chittilapilly is the President of Cisco’s India and SAARC regi...
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
ICONS OF INDIA : SUNIL BHARTI MITTAL
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
PARTNER SPEAKERS
PSU
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
