Finance Minister Nirmala Sitharaman on Tuesday announced the launch of a foreign currency settlement system (FCSS), a platform to enable the seamless and efficient settlement of foreign currency transactions within the IFSC framework in real time. The system enables real-time or near real-time settlement of foreign currency transactions initiated within the GIFT IFSC, replacing the traditional correspondent banking route that typically took up to 48 hours for settlement.
Additionally, UPI payments will soon be possible through smart glasses. The system is set to make purchasing foreign currency much simplier and more convenient, enabling the user to pay the order payment through UPI and then collect the currency from the bank.
This is an example of forex retail on Bharat Connect, NPCI’s official bill payment platform. This facility is set to enhance convenience and experience for travellers.
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Besides, business payments through UPI will also be made simpler.
Global Fintech Fest 2025
The finance minister said the global fintech revenues are estimated to reach $1.5 trillion by 2030.
She was speaking at the inaugural session of the 2025 edition of the Global Fintech Fest.
The theme of this year’s conference is ‘Empowering Finance for a Better World Powered by AI’.
The GFF is organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC) in Mumbai.
Sitharaman described the launch as the country’s groundwork for becoming a global fintech leader. “India is now ranked third in the world for the number of fintech companies and leads in digital payment volumes, having processed 18,580 crore UPI transactions worth Rs 261 lakh crore in 2024-25,” said the finance minister.
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She also said that India accounts for nearly half of the world’s real-time digital transactions, with adoption rates of 87 per cent compared to the global average of 67 per cent.
The Global Fintech Fest is supported by the Ministry of Electronics and Information Technology, the Department of Economic Affairs and the Department of Financial Services under the Ministry of Finance, the Department of Promotion of Industry and Internal Trade under the Ministry of Commerce and Industry, and the New, Emerging and Strategic Technology Division under the Ministry of External Affairs, besides regulators RBI, SEBI and IFSCA.
