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. 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’.

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.

“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 ₹261 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.

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For more information on GFF 2025 please visit: https://www.globalfintechfest.com/

About Payments Council of India (PCI)

The Payments Council of India (PCI) was formed under the aegis of the Internet and Mobile Association of India (PCI) in the year 2013 catering to the needs of the digital payment industry. The Council was formed inter-alia to represent the various non-banking payment industry players, and to address and help resolve various industry-level issues and barriers that require discussion and action.

The council works with its 180+ members, encompassing over 90% of the industry to promote payments industry growth and to support our national goals of ‘Cashless Society’ and ‘Growth of Financial Inclusion’ which is also the Vision Shared by the RBI and the Government of India. PCI represents the complete digital payments ecosystem of India through its various committees representing different sectors.

About Fintech Convergence Council (FCC)

Established in 2018, the Fintech Convergence Council (FCC) is an industry body representing the collective voice of fintech companies in India. Since its inception, FCC has evolved into a leading platform with a diverse membership of over 200 fintech entities across key segments including digital lending, wealth, insurance, digital financial services, RegTech, and credit bureaus.

FCC’s core mission is to address sector-specific challenges and provide a unified platform for dialogue within the broader BFSI (Banking, Financial Services, and Insurance) ecosystem. The council actively engages with regulators and policymakers to help shape progressive policy frameworks and promote a balanced approach to innovation and compliance.

In addition to policy advocacy, FCC also focuses on knowledge sharing, strengthening consumer education, and promoting responsible finance through awareness-building initiatives on customer protection, digital literacy, and best practices in fintech.