To build confidence and trust among the ecosystem partners in dealing with cybersecurity and digital financial frauds, Financial Services Secretary Vivek Joshi on Tuesday urged for greater collaboration among the government, regulator, public and private sectors to harness the full potential of Start-up and Fintech sector in India.
Joshi chaired a half-day workshop with Law Enforcement Agencies (LEAs) and Start-ups and Fintech ecosystem partners which was attended by heads of around 60 Fintech companies, four Fintech Associations, 23 State Police Departments, CBI, ED, FIU-Ind and Central Government Ministries/ Departments, Regulators and other agencies concerned.
The workshop was conducted in continuation of the last interaction of Finance Minister Nirmala Sitharaman with the Start-up and Fintech companies on February 26, 2024.
Joshi emphasised that Fintechs are more technology and innovation-oriented, and they draw the traction of the regulators and LEAs when they grow their businesses over a period of time.
While the Fintech Associations presented the operational modalities and key challenges faced by the Fintech companies, the LEAs from the States shared their best practices on curbing cybercrime and financial fraud.