Source: Mint
Context:
Finance Minister Nirmala Sitharaman inaugurated the foreign currency settlement system at GIFT City International Financial Services Centre (IFSC) during the Global Fintech Fest 2025. The system aims to enable real-time settlement of foreign currency transactions, improve liquidity management, and ensure regulatory compliance.
Key Features
- Real-Time Settlement: Enables instant or same-day settlement of trades and payments in foreign currencies.
- Multicurrency Support: Initially supports USD, GBP, and EUR, with scope to expand to other major currencies.
- Regulated Environment: Operates under the supervision of the International Financial Services Centres Authority (IFSCA).
- Integrated Compliance: Fully compliant with KYC, AML, and FATF global standards.
- Liquidity Management: Improves liquidity for institutions operating in foreign currencies within GIFT City.
- Fintech-Ready: Designed to connect with banks, fintechs, and trading platforms for seamless settlement.
