The UK’s Chancellor of the Exchequer, the Rt Hon Philip Hammond MP, has been showcasing the very best that the UK has to offer on infrastructure finance and FinTech during his visit to Mumbai for the annual meetings of the Asian Infrastructure Investment Bank (AIIB), 25 – 26 June.
The UK was the first G7 country to join the AIIB, demonstrating the UK’s commitment to supporting investment in sustainable infrastructure across Asia. The Chancellor met with Indian Finance Minister Shri Piyush Goyal to take forward UK’s ambitious joint work in these areas.
This visit builds on PM Modi’s successful visit to London in April, where Prime Ministers Modi and May agreed a new UK-India Tech Partnership, positioning both countries as world leaders in innovative, cutting-edge technologies.
The UK’s reputation as the global centre for FinTech makes it the natural partner to support Mumbai’s ambitious plans to develop its FinTech ecosystem.
The Chancellor got a flavour for Mumbai’s vibrant FinTech scene when he met young entrepreneurs at the Zone Startups Accelerator at the iconic Bombay Stock Exchange. He also celebrated the new FinTech Rocketships programme, which was announced during PM Modi’s visit to the UK.
Chancellor of the Exchequer, the Rt Hon Philip Hammond MP said: “The UK and India have strong links and shared expertise in technology, infrastructure and financing and I’m delighted to be here in Mumbai to further develop the bonds between our countries. will be meeting some of India’s innovative fintech start-ups and seeing how we can support the next generation of Indian and British fintech entrepreneurs, and promoting London as the best place in the world to raise capital for Indian investors.”
HM Trade Commissioner for South Asia, Crispin Simon said: “The Chancellor’s visit to Mumbai highlights the tremendous value that close cooperation between the UK and India brings to both countries, and follows a hugely successful visit to the UK by PM Modi. The UK-India relationship in infrastructure finance is already strong as evidenced by projects here in Maharashtra that are financed by masala bonds with recent issues by HDFC and the National Highways Authority of India. Adding the new Tech Partnership, Tech Clusters in Pune and Bangalore and partnerships between our FinTech sectors, and we really have some momentum.”
The Chancellor also delivered remarks at a ‘Raising Finance in London’ session – which includes speakers from the London Stock Exchange and the National Investment and Infrastructure Fund (NIIF) – and met senior Indian business leaders such as Anand Mahindra and Deepak Parekh, Chairman of HDFC.
