Sabkasaath, Sabkavikas It’s time to take India-UK fintech ties to the next level
Readers will no doubt associate the phrase with Prime Minister Modi and his commitment to work together with the people ...
Readers will no doubt associate the phrase with Prime Minister Modi and his commitment to work together with the people, for the development of all. But as Lord Mayor of the City of London, and one of the principle ambassadors for the UK’s financial and professional services sector, I can’t help but think this mantra also reflects the role of financial technology, better known as fintech, in developing India’s economy.
And that is exactly the message I’m bringing with me to India as I lead a delegation of UK startups on a hugely exciting week-long visit which takes me to Mumbai, Bangalore and New Delhi. The City of London Corporation that I represent is the governing body of the UK’s Square Mile, the historic centre of London that houses the world’s leading financial and professional services hub. We are home to over 250 foreign banks, including the State Bank of India, which has been here nearly 100 years. Every day nearly 500,000 people come to work in the City’s 24,000 businesses, alongside our just over 9,000 residents.
India is an important partner for the City, and we are home to more than 15 Indian financial services firms, and the world’s largest market for Rupee-denominated Masala bonds. The City Corporation has a longstanding programme of work in India, and opened a representative office in Mumbai ten years ago. We work hand-in-hand with the UK government and the Indian High Commission in London on a number of programmes, including the Make in India Access India Programme, which works to support UK SMEs expanding into the country. Few will deny that India is on the cusp of a revolution in finance, with total financial transactions on retail digital payment platforms projected to explode by 400% to INR 1 trillion by 2023.