India’s Growing FinTech Cooperation : Bridging Borders and Empowering Digital Economies

India has emerged as a leader in the Financial Technology (FinTech) innovation and growing acceptance of its digital payments mark an important milestone in the global expansion of India’s digital payment system. The cross-border digital transactions are immensely benefiting a wide cross-section of people through a faster, safe and secure digital transaction experience and enhancing digital connectivity between the countries. The author argues that India’s growing FinTech cooperation with partner countries not only advances economic cooperation, people-to-people ties and tourism, but also provides an alternative to the global payment system which has been increasingly weaponised by western powers because of geopolitical reasons. In this brief, the author analyses India’s growing digital payments cooperation with Friendly Foreign Countries (FFCs) where India’s large diaspora are present, and then highlights the successes achieved so far, the existing challenges as well as emerging opportunities to further enhance FinTech cooperation.