Finance Minister Nirmala Sitharaman on Friday, 17 October 2025, held bilateral talks with Thailand's Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas in Bangkok, with both sides focussing on deepening the strategic partnership through enhanced trade, investment, and financial technology cooperation. The meeting took place on the sidelines of the World Bank-IMF annual meetings, according to an official Finance Ministry statement.

Key Areas of Discussion

The two ministers placed particular emphasis on bilateral trade, mutual investment opportunities, financial connectivity, digital payments, and cooperation in emerging financial technologies. A central agenda item was advancing the proposed UPI–PromptPay linkage — a cross-border payments bridge that would facilitate seamless transactions for tourists and businesses operating between the two countries.

Both sides also explored local currency settlement mechanisms using the Indian rupee and the Thai baht to support bilateral trade and investment, reducing dependence on third-party currencies for settlement.

GIFT City and Investment Flows

Sitharaman highlighted the investment opportunities offered by India's International Financial Services Centre (IFSCA) at GIFT City in Gujarat, encouraging Thai banks, financial institutions, and fintech companies to leverage its expanding ecosystem. Specific areas cited included cross-border banking, trade finance, capital markets, treasury operations, fintech innovation, and wealth management.

The discussion further covered facilitating greater two-way investment flows, with an emphasis on enabling Thai investors to participate in India's growing infrastructure and emerging sectors through dedicated investment platforms — and vice versa.

Fintech, AI and Emerging Technologies

Looking ahead, both ministers discussed prospects for enhanced fintech collaboration, cross-border settlement of tokenised financial assets, and regulatory sandboxes. They also identified artificial intelligence (AI) and quantum computing as areas of future bilateral cooperation — a signal of the increasingly forward-looking character of India-Thailand financial ties.

Condolences and Diplomatic Notes

Sitharaman expressed heartfelt condolences on the passing of Queen Sirikit, the Queen Mother of Thailand, and Princess Bajrakitiyabha Narendiradebyavati. She also conveyed deep sympathies over the loss of life and property caused by recent floods in Thailand. The Indian minister underscored that India and Thailand share a very special relationship anchored in strong cultural ties.

India-Luxembourg Meeting

On the same occasion, Sitharaman also met with Luxembourg Finance Minister Roth Gilles in Bangkok. Both sides discussed deepening cooperation between their financial sectors, with a specific focus on sustainable finance and banking. Sitharaman noted that India looks forward to the forthcoming State Visit of the Grand Duke of Luxembourg to India early next year as an opportunity to further strengthen the bilateral economic and financial partnership.

The Bangkok engagements signal India's broader push to deepen financial and fintech linkages across Southeast Asia and Europe, with GIFT City positioned as a central hub for cross-border financial services.