Google’s New Initiatives: Expanding Credit Access, Combating Online Fraud in Indiaby Fintech News Singapore October 23, 2023
Google has unveiled a series of initiatives at their annual “Google For India” event including bridging the credit gap, fostering generative AI and language inclusivity with a new center, and enhancing online safety and security.
Addressing the significant issue of credit access, Google Pay is working to digitise credit with necessary privacy and consent safeguards, aiming to extend formal credit facilities to millions of underserved Indians.
Despite its crucial role in economic momentum, credit remains underutilised in India compared to global and regional averages.
Google Pay’s collaboration with banks and non-bank financial companies (NBFCs) is resulting in the creation of products designed to address this credit shortage, with the backing of regulated financial institutions and accessibility via the Google Pay platform.
This forms a part of Google Pay’s “Digital Pragati” initiative, which strives to grow economic opportunities for every Indian citizen.
Google is also investing in the future of AI and language inclusivity in India, partnering with Bhashini at the Ministry of Electronics and Information Technology (MeitY) to establish a Center of Excellence on Generative AI and Language Inclusivity.
This initiative is poised to equip over a million professionals and students with the skills needed to thrive in the AI era.
Simultaneously, Google is tackling the critical issue of online financial fraud with the launch of DigiKavach. This programme focuses on studying scam tactics, developing countermeasures for emerging threats, and creating a safer digital environment.
The collaboration with The Fintech Association for Consumer Empowerment (FACE) as a priority flagger further strengthens this initiative, aiding in the swift identification and removal of non-compliant personal loan apps from the Play Store in India.