Union Finance Minister Nirmala Sitharaman on Tuesday announced the launch of the Foreign Currency Settlement System (FCSS) at GIFT City, marking a major step in India`s push to become a global financial and fintech hub.
Speaking at the Global Fintech Fest (GFF) 2025 in Mumbai, Sitharaman said FCSS will enable real-time settlement of foreign currency transactions within the International Financial Services Centre (IFSC), eliminating the current lag of up to 48 hours.
“This is a forward-looking step that places GIFT-IFSC among select global centres like Hong Kong, Tokyo, and Manila,” she said, adding that the new system will improve liquidity management, operational resilience, and ensure compliance with the Payment and Settlement Systems Act.
The minister noted that FCSS complements India’s broader goal of building a robust fintech ecosystem through “innovation, regulation, and infrastructure.”
India AI mission, deepfake warnings, and Fintech Outlook
Sitharaman also highlighted India’s rising prominence in artificial intelligence, with the “India AI Mission” aiming to boost AI talent and innovation. She noted that India contributes 16 per cent of global AI talent and ranks among the top three AI talent markets worldwide. By 2028, AI-driven Global Capability Centres (GCCs) could account for up to 35 per cent of India’s AI services revenue, she said.
While encouraging fintech firms to adopt AI, blockchain, and smart finance tools, Sitharaman cautioned against the misuse of emerging tech, citing her own experience with deepfake videos.
“The new generation of fraud is no longer about breaching firewalls, it’s about hacking trust,” she warned.
She lauded recent initiatives like SEBI’s “SEBI Check” for verifying intermediary credentials and NPCI’s verified UPI handle `valid`, calling them vital for building user trust in digital transactions.
Four key messages to fintechs
In her concluding remarks, the Finance Minister delivered four key messages to the fintech industry:
● Focus on fundamentals – profitability, innovation, and compliance.
● Build trust and resilience – especially as global fintech revenue nears USD 1.5 trillion by 2030.
● Support financial inclusion – with solutions for MSMEs, women, and gig workers.
● Promote green finance – to drive sustainable growth.
Reflecting on India`s digital journey from the first mobile call in 1995 to the fintech revolution today, Sitharaman called for collective action to combat AI threats and deepfakes, urging the sector to build the world’s most trusted, inclusive, and resilient financial system.
(With PTI inputs)
