FM Launches Foreign Currency Settlement System at Global Fintech Fest

By siliconindia | Wednesday, 08 October 2025, 03:20 Hrs

Finance Minister launches local foreign currency settlement system at GIFT City.
India now accounts for half of the world’s real time digital transactions.
Government pledges strong support for fintech, AI innovation, and global capability centres.

Finance Minister Nirmala Sitharaman launched a new foreign currency settlement system at GIFT City during the Global Fintech Fest. The initiative allows international transactions to be settled locally, strengthening India’s position as a global financial hub. With this, GIFT City joins a select group of international financial centres that enable seamless cross-border payments within their jurisdictions.

In her address, the minister highlighted that India contributes nearly 50% of the world’s real time digital transactions, underscoring the country’s growing influence in global fintech innovation. She also spoke about the government’s continued focus on Artificial Intelligence (AI), the success of Direct Benefit Transfers, and how digital initiatives have helped save over Rs 4.31 lakh crore through better targeting and reduced leakages.

Sitharaman further emphasized the role of Global Capability Centres (GCCs) and fintech companies in driving the next wave of growth. India currently hosts more than 1,800 GCCs, and the government aims to strengthen this ecosystem by promoting revenue growth, compliance, and innovation led expansion.

Also Read: Nirmala Sitharaman Rules Coaching Centres Are Businesses, 18% GST Mandatory

The Global Fintech Fest brought together policymakers, industry leaders, and innovators from around the world under the theme 'Empowering Finance for a Better World Powered by AI'. Over 7,500 companies and 400 exhibitors participated in the event, which serves as one of the largest global gatherings in the fintech sector.

Prime Minister Narendra Modi and UK Prime Minister Keir Starmer are expected to deliver keynote addresses, further highlighting the event’s international significance.