Union Finance Minister Nirmala Sitharaman has asked banks and financial institutions to ensure that their customers nominate heirs, which can help reduce the quantum of unclaimed money. Addressing the inaugural session of the fourth edition of Global Fintech Fest, 2023 in Mumbai today, the Finance Minister said that financial ecosystem has to be inclusive, resilient and sustainable. Finance Minister added that technology is a common tool that can help us build a responsible financial ecosystem. 

The Finance Minister further while we are trying to build a responsible financial ecosystem, we are surrounded by various threats like physical border threats, cyber threats, crypto-threats, drug and drug mafia, tax havens, tax evasion etc. She added that we have to use technology to ensure that each of these areas are to be addressed. While speaking about global collaboration, Ms Sitharaman said that we are living in a multi-polar, dynamic and robust world which is facing several challenges and hence global collaboration is of utmost importance. She added that while there are calls for de-globalisation, we believe that globalisation has helped in eradication of poverty. She added that globalisation is significant as huge disparities are prevailing over the world not only in terms of wealth but also in terms of well-being, demography, technology, digital literacy etc.

In the 3-day Global Fintech Fest, 2023, speakers and delegates from all over the world are expected to discuss key issues, and business models to create an inclusive, resilient and sustainable world. GFF2023 aims to showcase innovative technologies, masterclasses from globally renowned academicians, and a bouquet of startup engagement programs.