Mumbai, October 08th, 2025: “India will be a phenomenal growth platform in the next 50 years as we become a more mature and developed economy. To achieve this objective, our fintech regulations must be aligned with those of the rest of the world. Though we have come a long way, there are still some regulatory challenges to address,” said Shri Kalyanaraman Rajaraman, Chairperson, International Financial Services Centres Authority (IFSCA). He was speaking at a fireside chat session titled ‘From Regulation to Reinvention: Transforming India’s Financial Architecture with IFSCA’ at the sixth edition of the Global Fintech Fest (GFF) 2025, organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC) at the Jio World Centre, Mumbai.
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; New, Emerging and Strategic Technology Division, the Ministry of External Affairs; the Reserve Bank of India (RBI); the Securities and Exchanges Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the IFSCA.
Shri Kalyanaraman Rajaraman added that IFSCA had rolled out the TechFin regulation that enables technology companies to set up operations in India and serve technology companies around the globe.
Mr. Jay Kothari, Senior Vice President – Equities, DSP Mutual Fund also spoke at the session. Expressing confidence in India’s fintech capabilities, Shri Rajaraman added that GIFT City, Gujarat, would attract more global fintechs than London or Singapore over the next 10 years. He advised Indian fintech firms with a global play to set up operations abroad.
Talking about the initiatives undertaken to streamline KYC processes, he mentioned the launch of a faceless authentication system in collaboration with the Unique Identification Authority of India (UIDAI) and the Reserve Bank of India (RBI). He expressed hope that the foreign currency settlement system would transform the payment system in India.
Shri Rajaraman also discussed the importance of sustainable finance, green bonds, and ESG (environmental, social, and corporate governance). He highlighted India’s performance in commissioning renewable energy and the regulatory framework to support the sustainability agenda, including directing banks to lend at least 5% for green sustainable purposes, introducing a green social sustainable bond framework, and recognising internationally acclaimed frameworks such as the International Capital Market Association (ICMA) green bond framework and the EU taxonomy.