India’s fintech GCCs evolving into global innovation hubs, says Nirmala Sitharaman at Global Fintech Festival

Finance Minister Nirmala Sitharaman said Tuesday that India’s Global Capability Centres (GCCs) have transformed from cost-saving hubs into innovation centres, spearheading high-value engineering, research, and financial technology.

Speaking at the 6th Global Fintech Festival (GFF) in Mumbai, which is being held from October 7-9, 2025, she said, “India’s GCC ecosystem has moved far beyond cost arbitrage. It is now a hub for high-value engineering, R&D, and innovation centres, especially in financial services, insurance, and technology. This transformation offers unparalleled opportunities for fintech GCCs to scale innovation, supported by our deep talent base and strong governance.”

Highlighting India’s growing role in global financial technology, Sitharaman said the country offers a unique mix of affordability, quality, and expertise. “India provides access to high-quality technical, entrepreneurial, and financial talent,” she said. “Global financial leaders recognize our potential to transform not just services for the world but also to shape the future of global finance from India.” She added that the festival’s theme, "Empowering Finance for a Better World, Powered by AI," was appropriate, given the growing integration of artificial intelligence into global systems.

Emphasising the importance of responsible AI development, the FM noted that India already contributes 16% of the global AI talent pool and ranks among the top nations in Generative AI contributions. “It is estimated that by 2028, GCCs will contribute 30-35% of India’s AI services revenue,” Sitharaman said. “However, our AI stack must be rooted in Indian languages and local contexts so it remains inclusive and accessible to all citizens.”

Sitharaman also warned against the misuse of AI, highlighting the rise of deepfakes and identity fraud. “Technology must always serve humanity,” she emphasised. “I have seen deepfake videos of myself being circulated to mislead citizens. This shows how innovation can be weaponised for deception. The new wave of fraud is not about hacking systems; it’s about hacking trust.”

On the other hand, issues become more serious when technology is misused in the financial system. To address this challenge, she announced that Sebi, in partnership with NPCI, has introduced a verified UPI handle system for brokers and mutual funds to prevent impersonation and fraud.

“Safety is as important as innovation,” Sitharaman said. “The verified UPI handle and the ‘Sebi Check’ feature will help investors confirm payment authenticity while ensuring convenience and security.”