Nirmala Sitharaman: ‘Cos in fintech space should ensure safety, data privacy’

Companies operating in the fintech space should ensure that there is no compromise on safety and data privacy to earn the trust of clients in a growing space, Finance Minister Nirmala Sitharaman said.

Addressing the Global FinTech Fest 2021, Sitharaman said that the value of digital transactions had jumped to Rs 6 lakh crore between January and August 2021, compared to Rs 4 lakh crore and Rs 2 lakh crore in 2020 and the year before, respectively.

“Safeguard of client data, is something which I think is the backbone to bringing trust. Unless my data is safeguarded well I wouldn’t want to get into a scheme of things.