Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.

Speaking at the 6th edition of Global Fintech Fest 2025 here, the finance minister also said India has the potential of becoming the global hub for building various AI products and services.

During the event, Sitharaman launched the Foreign Currency Settlement System (FCSS) of GIFT IFSC designed to settle transactions in foreign currencies on a real-time or near real-time basis.

With the operationalisation of the FCSS, GIFT IFSC joins a select group of global financial centres - including Hong Kong, Tokyo, and Manila - that have the infrastructure to settle foreign currency

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