Finance Minister Nirmala Sitharaman on Tuesday said we are living in a multi-polar world facing many challenges and the necessity in this is to have global collaboration, maybe at a strategic level or otherwise.
For these global collaborations, ‘intensity’ is the keyword, and technology is the common tool available for all countries.
She asserted that global collaboration has to be responsible and sustainable. It is the key to a responsible financial ecosystem.
Amid rapidly evolving technology, the biggest challenge is to build a responsible financial ecosystem. One laggard somewhere can cause the biggest disruption, she said.
Responsible globalisation
Sitharaman said that the globalisation has helped in removal of poverty since capitalism spreads wealth, which nurtures entrepreneurial skills. Responsible globalisation is the issue in which even we have to contribute.
Huge disparities are prevailing all over the world in terms of well-being, demography, technology, digital literacy, access to resources, etc. which is another big challenge.
For resilience and sustainable financial ecosystem, innovation should be at the fore front, sustainability should be integral to that, and we should strive to bring in sustainability from a concept to actual action, from ideation to actual execution.
Unless there’s global collaboration issues will remain related to crypto regulation, global debt distress, tax evasion, etc and discussions on these are happening in G20. Global Collaboration is indispensable. Bright minds from around the world are here, you have to innovate together.
Sitharaman also highlighted potential threats to a responsible financial global ecosystem.
“Physical border threats- the conventional war threats, cyber threats – the intensity and unpredictability, crypto threats – how the global cooperation works for it, you can’t have a responsible exosystem that can regulate it well, drugs, tax evasion, etc are the threats which we need to work on,” she said.
Finance Minister was speaking at the Global Fintech Fest 2023. She said the GFF has become a powerful network of experts both financial and in tech.
