India introduces AI in finance at Global Fintech Fest
India is taking a big step forward by bringing artificial intelligence (AI) into its financial sector, not just for digital payments, but also to spot fraud, assess borrowers, and offer more personalized services.
These changes, plus important topics like AI bias and cybersecurity, will be in the spotlight at the Global Fintech Fest in Mumbai this week.
Prime Minister Modi is set to kick things off with a keynote address.
UPI processed 24.51bn transactions in August
UPI has become India's go-to for digital payments, handling 24.51 billion transactions worth $315 billion in August alone.
With most of the population under 35, India is primed for rapid AI adoption in finance.
Still, challenges like keeping systems fair and secure mean regulators have their work cut out as innovation speeds ahead.