A secured system is what will build trust and therefore that is a must for the financial ecosystem to truly flourish, the Finance Minister said.

Finance Minister Nirmala Sitharaman has called for global cooperation and collaboration to create a responsible financial ecosystem. She said that discussions are underway on a global framework to regulate crypto assets, and that cryptocurrencies cannot be regulated efficiently without the cooperation of all countries.

Sitharaman also said that threats to the global financial ecosystem, such as physical border threats, cyber threats, crypto-threats, drug menace, tax havens, and round-tripping of resources and tax evasions, need to be addressed.

She asked banks and other financial institutions to ensure that their customers update nominees to help resolve the problem of unclaimed money in the future.

The finance minister also asked fintech companies to invest heavily in robust security measures to protect user data and financial transactions. Sitharaman said that a secure system is essential for the financial ecosystem to truly flourish.

Sitharaman said that India can lead in making the financial ecosystem inclusive, resilient, and sustainable. She added that fintechs have become a more robust and dynamic financial inclusion tool.

The minister cited the increase in the number of demat accounts and income tax return filings as evidence of the positive impact of fintechs. She said that the August data signals that the formalization of the economy is now widespread and is reaching many different areas.