The City of London Corporation and Indian High Commission in London welcomed a delegation to India House in London as part of the UK-India Fintech Rocketship Programme.
Organised alongside the Department for International Trade (DIT), the event discussed barriers to entry in the UK, and how these can be addressed. It will also sought to promote the UK as a destination for growth, particularly in the area of fintech, a sector worth some £6.6 billion to UK GDP and accounting for 76,500 jobs.
The Lord Mayor of London Peter Estlin opened the meeting alongside the Deputy High Commissioner Shri Charanjeet Singh. Speakers included the Rocketship delegation and representatives from the City Corporation and both the private and public sectors. Senior stakeholders from Innovate Finance, Grant Thornton, Santander and investment firm CoBa provided their expertise on the UK – India relationship.
The roundtable formed part of UK Fintech Week, five days of events organised by Innovate Finance and supported by the City Corporation and UK government aimed at celebrating the UK’s position as a global capital of fintech, and discussing future challenges. It follows a visit to India in October 2018 by former Lord Mayor Charles Bowman, who led a UK fintech delegation to Mumbai, Bangalore and Delhi.
Lord Mayor of London Peter Estlin said, “India and the UK have much to gain by increasing ties in fintech, an area seeing significant growth and innovation in both our countries.
“Many Indian firms have expressed interest in setting up in the UK, but market access remains an issue for some, especially smaller companies. This meeting in London aims to explore what support organisations like the City of London Corporation can provide to address this and further open our doors..."
Minister for Investment Graham Stuart MP said, “I’m delighted to see the Indian Fintech Rocketship Award winners visit London... These businesses demonstrate the industry’s ability to attract Foreign Direct Investment (FDI) from all corners of the globe. Just last year we saw a 321% increase from India.
“The UK is the top FDI destination in Europe and an undisputed global fintech capital, currently accounting for 11% of the global fintech industry and contributing $3.3 billion to the UK economy.
“DIT will continue to support businesses to invest into the UK, reaffirming our nation as the best place to raise capital for foreign investment.”
The City Corporation has a longstanding programme of work in India, and opened a representative office in Mumbai over ten years ago. 13 Indian banks have offices in London and many have branches across the UK.