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Digital transactions to grow, but safety is important: Dr Hemant Garg

Chandigarh: The use of technology and digital transactions will grow rapidly this year, but the financial institutions will have to ensure to protect people from online frauds. Panjab University (PU) alumnus Dr Hemant Garg gave this opinion while commenting on the future trends of fintech in 2022. He recently made India proud by successfully managing the Infinity Forum, a global FinTech event, inaugurated by PM Modi and addressed by business leaders like Reliance MD Mukesh Ambani, Infosys co-founder Nandan Nilekani, Soft Bank CEO Masayashi Son and others. Dr Garg has done LLM from PU, Chandigarh.

 

Dr Hemant Garg

Dr. Garg, Nodal Officer (Social Media) at the International Financial Services Centers Authority (IFSCA), believes that Crypto assets powered by blockchain technology will evolve and become popular in the same way as social media evolved from what it was in 2015. However, the RBI is in the process of releasing Blockchain CBDC (Central Bank Digital Currency) as the only legal tender, by imposing 30% tax on Crypto assets, the government has initiated the process towards recognising the crypto assets in India.

In future, the focus of Indian Fintech’s will be on securely speeding up the financial transactions with the help of technologies like Blockchain and Quantum Computing. Financial institutions like banks are looking for tech partners for themselves, which is a good sign for the progress of FinTech. But banks will have to make sure to stop online frauds. Only then will the real benefit of Fintech be available to the common users. Before the pandemic, artificial intelligence (AI) did not have much role in banks. But the lockdown changed the scenario. Digital banking is not just about going paperless and cashless, but it has brought more convenience and freedom to people, he added.

The Infinity Forum 1.0, managed by Dr Hemant Garg, was held in collaboration with NITI Aayog, Invest India, FICCI and NASSCOM. He has done MBA from Edinburgh University, UK and holds a Certified Commercial Arbitrator degree from The Hague Netherlands. He has published 37 international and 112 national level research papers on law, cooperatives, crypto, blockchain, quantum computing, community health and social media. BW

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