There are significant opportunities for Britain and India to cooperate on enhancing the fintech sector in both countries and pushing financial inclusion, Lord Mayor of London Charles Bowman said ahead of a five-day visit to India later this week.
Mr. Bowman, who will visit Mumbai, Bengaluru and New Delhi, is leading a delegation of U.K. fintech companies to look for opportunities for tie-ups and cooperation in both countries.
While the firms would be looking to build opportunities in India — in areas such as block chain, insurance, payments and financial inclusion — he hopes to build opportunities for Indian firms in the U.K. too.
“I should stress I don’t see this as a one-way relationship…the skills and digital skills people in the sector have in India are invaluable and the people to people agenda is very important,” he told this paper ahead of his visit.
Mr. Bowman is the leader of London’s financial district, the City (a role distinct from the city’s elected mayor) and is tasked with expanding its relationship with global partners. About 15 Indian financial firms are located in the city of London.
Significant opportunities
“I think there are significant opportunities both for India and the U.K. — we have a great centre of fintech excellence here that we’ve built in the last 10 years or so to become one of the most important global hubs for fintech — there is a lot we can take to India and also learn from India. It’s an opportunity on both sides,” he said.
Payment processing firm Worldpay, blockchain tech firm Chainvine, insurance tech firm Wrisk, and eight others are among those companies visiting.
Over the past year, as part of a wider effort to enhance bilateral relations, the Lord Mayor’s office has been working on the Indian High Commission in London’s Access India programme, which is helping British SMEs enter and expand in India.
“Our collaboration in cutting-edge technologies, financial services, fintech has been particularly noteworthy,” said Indian High Commissioner Y.K. Sinha.
“London will always remain a global financial hub.” “We are quietly confident. We are the international financial centre for the globe and we are confident that beyond the bump in the road we will continue that mantle in the future,” Mr. Bowman said of Brexit, which will see Britain leave the EU on March 29 next year.
“I will be sending a message of absolute reassurance [to those I meet in India]. We are an extremely resilient city and we are quietly confident we can get a mutually beneficial deal with the continent and from that we have the opportunity for free trade with the rest of the world. We are advocates of free trade and there is an opportunity to expand beyond the shores of the continent, beyond Brexit.”
He acknowledged that getting Britain’s immigration policy right would be key. “Talent is critical to us and the City is nothing without its people.” The new immigration system being put forward by the government – which will end freedom of movement from the EU and create a system based on skill-set - would create opportunities for enhancing the relationship with India. “We will engage with the government to ensure the system and processes are fit for purpose.”
