Sitharaman launches Foreign Currency Settlement System, calls for responsible fintech innovation

“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 ₹261 lakh crore in 2024-25,” she said. Sharing that India has nearly half of the world’s real-time digital transactions with adoption rates of 87% compared to the global average of 67%, she emphasised the importance of responsible innovation, regulation, and the need for fintechs to focus on fundamentals such as revenue growth, innovative product offerings, and risk management. Additionally, she advised that technology be used for the public good and not weaponised.

GFF 2025 is supported by the Ministry of Electronics and Information Technology; the Department of Economic Affairs and the Department of Financial Services, Ministry of Finance; the Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry; the New, Emerging, and Strategic Technology Division, the Ministry of External Affairs; the Reserve Bank of India (RBI); the Securities and Exchange Board of India (SEBI); the Insurance Regulatory and Development Authority of India (IRDAI); and the International Financial Services Centres Authority (IFSCA).