“India will be a phenomenal growth platform in the next 50 years as we become a more mature and developed economy. To achieve this objective, our fintech regulations must be aligned with those of the rest of the world. Though we have come a long way, there are still some regulatory challenges to address,” said Shri Kalyanaraman Rajaraman, Chairperson, International Financial Services Centres Authority (IFSCA). He was speaking at a fireside chat session titled ‘From Regulation to Reinvention: Transforming India’s Financial Architecture with IFSCA’ at the sixth edition of the Global Fintech Fest (GFF) 2025, organised 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.

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 IFSCA.

Shri Kalyanaraman Rajaraman added that IFSCA had rolled out the TechFin regulation that enables technology companies to set up operations in India and serve technology companies around the globe.

Mr. Jay Kothari, Senior Vice President – Equities, DSP Mutual Fund also spoke at the session. Expressing confidence in India’s fintech capabilities, Shri Rajaraman added that GIFT City, Gujarat, would attract more global fintechs than London or Singapore over the next 10 years. He advised Indian fintech firms with a global play to set up operations abroad.

Talking about the initiatives undertaken to streamline KYC processes, he mentioned the launch of a faceless authentication system in collaboration with the Unique Identification Authority of India (UIDAI) and the Reserve Bank of India (RBI). He expressed hope that the foreign currency settlement system would transform the payment system in India.

Shri Rajaraman also discussed the importance of sustainable finance, green bonds, and ESG (environmental, social, and corporate governance). He highlighted India’s performance in commissioning renewable energy and the regulatory framework to support the sustainability agenda, including directing banks to lend at least 5% for green sustainable purposes, introducing a green social sustainable bond framework, and recognising internationally acclaimed frameworks such as the International Capital Market Association (ICMA) green bond framework and the EU taxonomy.

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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.