Standard Chartered's P D Singh says India's financial innovation, GIFT City to drive global expansion

Banking major Standard Chartered's India and South Asia unit CEO P D Singh, on Friday (October 31), said India’s financial system has gained a strong stamp of approval, supported by growing investments and innovation. He stated that the next step is to take these advancements overseas.

Speaking to CNBC-TV18 at the India Business Leader Awards (IBLA) 2025 jury round, Singh pointed to the success of the Unified Payments Interface (UPI), which is now live in seven to eight countries. He said around eight lakh cross-border transactions are already happening on UPI, with 1.5 million merchants onboarded on the international UPI network.

He also noted that the internationalisation of the rupee has accelerated with the establishment of GIFT City. Describing GIFT City as one of the few international financial centres globally, Singh said India was fortunate to have set it up in time.

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He explained that one key differentiator of GIFT City is the foreign currency settlement system, which enables 24/7 US dollar clearing among banks, removing the need to wait for US market hours. The centre also includes a sandbox and supports several innovations that Singh said will play a significant role in transforming how investments flow into India.

"So what India has done here in the foreign currency settlement system is so as not to have to wait for the US to wake up. We have a 24/7 US dollar clearing, which is already active amongst the banks in the gift city. The gift city has a sandbox. Gift City has various innovations that are coming in, which are all going to be a big game changer for the way we see investments coming into our country," Singh said.

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