October 7, 2025: Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, today announced the launch of the Foreign Currency Settlement System (FCSS) during the inaugural session of the Global Fintech Fest (GFF) 2025. The sixth edition of the world’s largest fintech gathering, GFF 2025, is being held from October 7 to 9 at the Jio World Centre, Mumbai, jointly organized by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC). This year’s theme focuses on “Empowering Finance for a Better World Powered by AI.”
The newly launched FCSS aims to enable real-time, secure, and efficient settlement of foreign currency transactions within the Indian Financial System Code (IFSC). Designed to streamline liquidity management and enhance operational efficiency, the system will operate under the regulatory supervision of the Payment and Settlement Systems (PSS) Act. Highlighting its significance, the Finance Minister noted that the initiative represents a crucial step in positioning India as a global leader in financial technology.
Smt. Sitharaman also highlighted India’s rapid digital payments growth, stating that the country ranks third globally in terms of fintech enterprises and leads the world in digital payment volumes. In FY 2024–25 alone, India recorded 18,580 crore UPI transactions valued at ₹261 lakh crore. She further pointed out that India accounts for nearly 50% of global real-time digital transactions, with an adoption rate of 87%, far surpassing the global average of 67%.
Reiterating the importance of sustainable fintech innovation, the Finance Minister urged industry players to prioritize revenue growth, risk management, and the creation of impactful digital solutions. She stressed that while technology must drive inclusion and progress, it should never be misused or weaponized.
The event, supported by multiple government and regulatory bodies—including the Ministry of Electronics and Information Technology, the Ministry of Finance (Department of Economic Affairs and Department of Financial Services), the Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce and Industry, the Ministry of External Affairs (New, Emerging and Strategic Technologies Division), the Reserve Bank of India (RBI), SEBI, IRDAI, and IFSCA—reflects the collective commitment to advancing India’s fintech ecosystem.
Also present at the inaugural session were Mr. Kris Gopalakrishnan, Chairman, GFF 2025 Advisory Council, Co-founder of Infosys and Chairman of Axilor Ventures, and Mr. Vishwas Patel, Joint Managing Director, Infibeam Avenues, and Chairman, Payments Council of India.
Concluding her keynote, Smt. Sitharaman projected that global fintech revenues could surpass $1.5 trillion by 2030, urging the sector to ensure that technology acts as a bridge to inclusion and opportunity rather than a barrier.
