FM advised that technology be used for the public good and not weaponized
FinTech BizNews Service
Mumbai, October 7, 2025: Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs today announced the launching of the Foreign Currency Settlement System (FCSS) at the inaugural session of the Global Fintech Fest (GFF) 2025.
Smt. Nirmala Sitharaman launched the Foreign Currency Settlement System (FCSS) of GIFT IFSC during the Global Fintech Fest 2025 in Mumbai, Maharashtra. The FCSS will serve as a payment system within IFSC, designed to settle transactions in foreign currencies on a real-time or near real-time basis. With the operationalisation of the FCSS, GIFT IFSC joins a select group of global financial centres - including Hong Kong, Tokyo, and Manila - that have the infrastructure to settle foreign currency transactions locally.
She was speaking at the world’s largest fintech festival, the GFF, which is back with its sixth edition from October 7 to 9, organized by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC) at the Jio World Centre, Mumbai. The theme of this year’s conference is ‘Empowering Finance for a Better World Powered by AI’.
Finance Minister Smt. Nirmala Sitharaman visited the stalls set up by RBI & NPCI and interacted with the officials present there during the Global Fintech Fest
FCSS facilitates the seamless and efficient settlement of foreign currency transactions within the Indian Financial System Code (IFSC) in real-time. It also enhances liquidity management and operational procedures, ensuring compliance with regulatory oversight under the Payment and Settlement Systems (PSS) Act by the IFSC. The Finance Minister emphasized the launch as India’s groundwork for becoming a global fintech leader.
Finance Minister Smt. Nirmala Sitharaman at the GFF
“India is now ranked third in the world for the number of fintech companies and leads in digital payment volumes, having processed 18,580 crore UPI transactions worth Rs261 lakh crore in 2024-25,” she added. Sharing that India has nearly half of the world's real-time digital transactions with adoption rates of 87% compared to the global average of 67%, she emphasized the importance of responsible innovation, regulation, and the need for fintechs to focus on fundamentals such as revenue growth, innovative product offerings, and risk management. Additionally, she advised that technology be used for the public good and not weaponized.
GFF 2025 is supported by the Ministry of Electronics and Information Technology; the Department of Economic Affairs and the Department of Financial Services, Ministry of Finance; the Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry; New, Emerging and Strategic Technology Division, the Ministry of External Affairs; 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).
Among other speakers at the session were Mr. Kris Gopalakrishnan, Chairman, GFF2025 Advisory Council, Co-Founder, Infosys and Chairman, Axilor Ventures, and Mr. Vishwas Patel, Joint Managing Director, Infibeam Avenues & Chairman, Payments Council of India (PCI).
Smt. Nirmala Sitharaman concluded the keynote address by projecting that the global fintech revenues would reach $1.5 trillion by 2030 and emphasized the need for technology to serve as a bridge, not a barrier.
