Union Finance Minister Nirmala Sitharaman inaugurated a new system for settling transactions in foreign currency at Gujarat's GIFT City.
"Currently, cross-border transactions are processed via multiple banking channels and involve delays of 36-48 hours. The newly launched platform aims to enable faster settlement, addressing these delays. With this system, GIFT City joins an exclusive group of global financial hubs such as Hong Kong, Tokyo, and Manila that have the infrastructure to handle foreign currency transactions locally," the finance minister said at the launch.
Sitharaman also emphasised that efforts are underway to enhance the efficiency of Global Corporate Centres (GCCs) across India.
Fintech Sector Encouraged to Capitalise on GIFT City Opportunities
The Finance Minister highlighted the significant potential for fintech companies at GIFT City, describing it as a visionary initiative. India accounts for nearly 50% of global digital transactions, with an adoption rate of 87%, well above the global average of 63%. The country now ranks third globally in terms of fintech company count.
Sitharaman stressed that fintech is no longer limited to urban convenience-it serves as a nationwide driver for financial inclusion. By transitioning from paper-based processes to direct digital transfers, fintech has made it easier for individuals and businesses to save, invest, and borrow with greater transparency and efficiency.
At the Global Fintech Festival, the FM also reminded stakeholders that while technology offers immense potential, it should not be weaponized and must be approached responsibly.
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