GFF 2026: India should build fintech for the world, target $60-80 billion financial services exports, says Commerce Secretary Rajesh Agarwal

India should leverage its experience of building fintech solutions at population scale to become a major exporter of digital financial services, Commerce Secretary Rajesh Agrawal said on Wednesday, pitching an expansion of India's services export basket beyond IT and professional services.

Speaking at the Global Fintech Fest 2026, Agrawal said services exports were already growing strongly and that financial services represented a significant opportunity for India, particularly as technology enables services to be delivered across borders without the movement of people.

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India's services exports have traditionally been concentrated around IT and IT-enabled services and the movement of professionals, he said, making diversification critical for sustained growth.

"India is one of the powerhouse when it comes to ITS services," Agrawal said, adding that professionals delivering services from India and overseas account for another substantial share of exports.

"But it needs diversification. If we have to grow, if you have to grow sustainably for a long period of time, I think we need diversification."

Agrawal said fintech could be central to that diversification, with India's recent growth in digitally delivered financial services showing the potential to export technology-enabled solutions to other markets.

He cited the Unified Payments Interface (UPI) as a key example of India's digital public infrastructure, saying the system had demonstrated how identity, consent and data technology could be combined to deliver financial inclusion while reducing transaction costs.

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India's transition from a predominantly cash-based economy to one increasingly driven by digital transactions over the past decade had created an experience that could be adapted for other countries, particularly in the Global South, he said.

"Now it's time to see whether we can use this unique experience to take these services across the world," Agrawal said.

He pointed to countries in Asia, Africa and Latin America that face challenges similar to those India has confronted, including large informal sectors, cash dependence and limited access to financial services outside urban centres.

Rather than simply exporting Indian products, Agrawal said Indian fintech companies should work with local institutions and entrepreneurs to develop solutions suited to individual markets.

On cross-border payments, he said India receives more than $125 billion in remittances annually and that the cost of sending money remains high because of multiple intermediaries and currency conversions.

"If this cost comes down from 6% to 3% for Indians Indian migrant workers, it will be additional $5 billion in their hands," he said.

He also highlighted digital lending as another area where India's fintech experience could have global applications, allowing creditworthiness to be assessed through transaction histories rather than relying solely on collateral.

Agrawal cited the government's GeM Sahai initiative, launched on the Government e-Marketplace, under which fintech companies provide loans to MSMEs against orders placed on the procurement platform. Monthly loan disbursements under the initiative had reached ₹857 crore by July, he said.

He also identified insurance, wealth management, investment services and trade finance as areas where Indian fintech companies could develop exportable solutions.

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E-commerce exports offer another opportunity, he said, particularly for small businesses that lack collateral or an established credit history. The government is experimenting with the Niryat Credit Card to help e-commerce exporters access short-term financing for order fulfilment.

Agrawal said India must also use artificial intelligence to strengthen fraud detection, risk management and efficiency while ensuring strong standards for cybersecurity, privacy and data protection.

"Responsible technology should therefore not be viewed as a constraint on competitiveness. Increasingly, it is a prerequisite for global competitiveness in the digital economy, trust itself becomes an export advantage," he said.

He highlighted GIFT City and the International Financial Services Centres Authority as potential gateways for exporting financial services. The objective, he said, should be to build on the financial services already being brought onshore to GIFT City and eventually use the centre as a base to serve overseas markets.

Agrawal said India's free trade agreements could also help create pathways for financial services exports. India has signed agreements with multiple countries covering services trade, including financial services, and has also signed memoranda of understanding with 23 countries on cooperation in digital public infrastructure, he said.

"If we can partake even 10% of the trade, we are talking a journey of $8 billion to maybe 60 to 80 billion dollars," Agrawal said.

He said the government was working to address regulatory, telecommunications, cloud, data-flow, cybersecurity and other issues that affect fintech businesses operating across borders.

Concluding his address, Agrawal urged Indian fintech companies to think beyond the domestic market.

"Build in India, but design for the world," he said.

India's large domestic market can serve as a testing ground for technologies before they are taken overseas, while FTAs and international partnerships can provide channels to global markets, he said.

The goal, Agrawal added, should be to turn India's experience with digital public infrastructure and fintech into a broader export advantage, particularly across the Global South.