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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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.