Mumbai: Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, today announced the launch of the Foreign Currency Settlement System (FCSS) at the inaugural session of the sixth edition of the Global Fintech Fest (GFF) 2025 in Mumbai.
The FCSS is a significant step aimed at cementing India's position as a global financial hub. The system will enable seamless, real-time settlement of foreign currency transactions within the Indian Financial System Code (IFSC), a move that will enhance liquidity management, streamline operational procedures, and ensure regulatory compliance under the Payment and Settlement Systems (PSS) Act.
Speaking at the world's largest fintech festival, which is running from October 7-9 under the theme 'Empowering Finance for a Better World Powered by AI', the Finance Minister highlighted India's strength in the global fintech arena.
Global Fintech Powerhouse: Sitharaman noted that India is now ranked third globally for the number of fintech companies.
Digital Transactions Lead: She stated that India accounts for nearly half of the world's real-time digital transactions, with an adoption rate of 87% compared to the global average of 67%.
UPI Milestone: The UPI platform processed 18,580 crore transactions worth Rs 261 lakh crore in 2024-25.
The Minister stressed the importance of responsible innovation and advised the industry to focus on fundamentals like revenue growth, innovative product offerings, and risk management. She also cautioned that technology must be used for the public good and not be 'weaponized.'
The GFF 2025 is organized by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC), with support from various government bodies and regulators, including the Ministry of Electronics and Information Technology, the Ministry of Finance, the Reserve Bank of India (RBI), the Securities and Exchanges Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the International Financial Services Centres Authority (IFSCA). Other key speakers at the session included Kris Gopalakrishnan, Chairman, GFF 2025 Advisory Council, and Vishwas Patel, Chairman, Payments Council of India.
Sitharaman concluded by projecting that global fintech revenues are expected to reach $1.5 trillion by 2030, underscoring the need for technology to serve as a bridge, not a barrier, in the financial world.