“AI is a true disruptor, reshaping society on an unprecedented scale,” said Shri B. V. R. Subrahmanyam, Chief Executive Officer, NITI Aayog, during a fireside chat with Mr. Kunal Shah, Founder, CRED, at the Global Fintech Fest (GFF) 2025, being held at the Jio World Centre, Mumbai, from October 7 to 9. GFF 2025 is organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC).

Highlighting the tremendous impact of AI, Shri Subrahmanyam said that “AI will influence at three levels — improving tasks, changing processes, and eliminating processes altogether. Improving tasks is efficiency. Changing processes is job substitution. And eliminating processes entirely is transformation.”

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).

Discussing this year’s GFF theme, ‘Empowering Finance for a Better World Powered by AI,’ Shri Subrahmanyam underscored how technology and finance were merging to redefine the future of economic growth. “For a $30 trillion, technology-driven economy, the financial sector will be massive. Organizations — whether banks, financial firms, or fintechs — will have transformative opportunities,” he said.

He added that India’s strength lay in its scale, talent, and digital depth. “A large pool of skilled talent in both technology and finance, unmatched scale, and a deep penetration of the digital economy give India a phenomenal opportunity to lead globally in fintech,” Shri Subrahmanyam said.

He emphasised the need for innovation-friendly regulation to keep pace with technology. “We need to create regulatory sandboxes — small, controlled environments that allow experimentation. Regulators need to be nimble-footed — create pilots, test ideas, see what works, and then scale the successful ones,” he said, adding that regulation must evolve from an “institution-based to an activity-based framework.”

Speaking on the importance of inclusion, Subrahmanyam pointed out that “credit gaps are particularly large for women, MSMEs, youth, and underserved individuals.” He said the Account Aggregator Framework is helping “use digital footprints to expand access to credit.”

Shri Subrahmanyam also highlighted women’s participation as a critical lever for growth. “Women form half the population — and an economy can’t walk on one leg. A 10% increase in women’s labour participation can boost GDP growth by around 1.5%,” he said, stressing that credit, safety, flexibility, and mentorship are key to unlocking their potential.

Looking at the future, Shri Subrahmanyam said that in Fintech 2.0, AI would not just automate but deliver highly customised financial products. “With the right balance of innovation and regulation, India can set the standards in global fintech,” he concluded.

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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.