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India’s Global Capability Centres (GCCs) have transformed from cost-saving hubs into innovation centres, spearheading high-value engineering, research and financial technology, said Finance Minister Nirmala Sitharaman at the 6th Global Fintech Festival (GFF) held in Mumbai from October 7-9.

Sitharaman highlighted that India’s GCC ecosystem has moved beyond cost arbitrage, becoming 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 India’s deep talent base and strong governance.

The Finance Minister emphasised India’s growing role in global financial technology, citing the country’s unique mix of affordability, quality, and expertise. “India provides access to high-quality technical, entrepreneurial, and financial talent,” she said. “Global financial leaders recognise our potential to transform not just services for the world but also to shape the future of global finance from India.”

Sitharaman highlighted the importance of responsible AI development, noting that India already contributes 16% of the global AI talent pool and ranks among the top nations in Generative AI contributions. She emphasised that India’s AI stack must be rooted in Indian languages and local contexts to remain inclusive and accessible to all citizens.

The Finance Minister 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.”

To address the challenge of financial security, Sitharaman 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.”

Sitharaman noted that GCCs are expected to contribute 30-35% of India’s AI services revenue by 2028. “This is a significant opportunity for India to leverage its talent pool and establish itself as a leader in AI-driven innovation,” she said.

The 6th Global Fintech Festival, themed “Empowering Finance for a Better World, Powered by AI,” brings together industry leaders, policymakers, and experts to discuss the future of fintech and digital payments in India.