Finance Minister Nirmala Sitharaman underscored the significance of leveraging technology for the common good, while warning against its potential misuse. During her address at the Global Fintech Fest 2025, she stressed the necessity of avoiding the weaponization of technology, advocating for its application in ways that benefit the public. Sitharaman also introduced the Foreign Currency Settlement System (FCSS) of GIFT International Financial Services Centre (IFSC), designed to ensure smooth and effective settlement of foreign currency transactions.
“It is important to constantly remind ourselves that technology cannot be in that sense truly mastered, but having obtained certain proprietary rights over some parts of it, we should refrain from weaponising it,” Sitharaman said.
The minister commended India’s fintech industry, pointing out that it has democratized financial access, making it a public resource. Fintech has enabled countless individuals to save, invest, borrow, and obtain insurance with dignity and clarity. India’s digital payments framework, driven by the Unified Payments Interface (UPI) and digital public infrastructure, has rendered transactions seamless and routine. The country’s fintech progress has linked a significant portion of the population to the formal banking system, with more than 56 crore Jan Dhan accounts established.
India has positioned itself as a frontrunner in digital payments, executing over 18,580 crore UPI transactions totaling Rs 261 lakh crore in 2024-25. The FCSS that Sitharaman launched will support real-time settlement of foreign currency transactions within the IFSC, improving liquidity management and operational stability. This advancement will align GIFT IFSC with prominent global financial centers such as Hong Kong, Tokyo, and Manila.
Furthermore, the FCSS will guarantee adherence to regulatory standards under the Payment and Settlement Systems Act (PSS), overseen by the International Financial Services Centres Authority (IFSCA). With the implementation of this system, India is ready to enhance its status as a center for fintech innovation and financial services. Sitharaman’s focus on the responsible use of technology and the introduction of the FCSS highlight India’s dedication to utilizing technology for economic empowerment and financial inclusion.
