Jatinder Handoo: India and Russia Can Work Together to Reduce Fintech Risks
Countries of the Global South have gathered in Russia for the Global Digital Forum for the second time.
Participants say the digital environment should benefit all of humanity and that advanced technologies should not become the exclusive property of any one party. At the forum, Jatinder Handoo, a representative of an Indian self-regulatory association bringing together more than 205 fintech companies, spoke to the IT Russia media platform about prospects for cooperation between India and Russia in financial technology, cybersecurity and the responsible use of artificial intelligence.
– In India, we help develop common standards for the financial market and establish a code of conduct that helps companies innovate responsibly. Companies in our country have significant potential in financial technology. They have already made considerable progress and provide affordable financial services around the world. At the same time, the industry faces several challenges, including difficulties with information sharing, system interoperability and cross-border payments. Indian fintech companies can provide substantial support to their Russian counterparts in these areas.
Another important task is to strengthen trust in technology. This requires particular attention to cybersecurity. Various forms of fraud are widespread today, including the use of synthetic identities and impersonation. Cooperation between our countries is essential to counter these threats.
Russian and Indian experts could establish a joint working group, exchange experience and look for ways to reduce potential risks together.
It is difficult to predict how the industry will change over the next decade, but two areas will be particularly important over the next three to five years. The first is the responsible use of artificial intelligence, which requires clear rules and principles for its application. The second is expanding access to financial technology around the world.
Artificial intelligence is already transforming many fields, but its use can also create new risks. That is why it is important to use this technology responsibly and ensure that oversight involves a range of stakeholders.
