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There are significant opportunities for Britain and India to cooperate on enhancing the fintech sector in both countries and pushing financial inclusion, said Lord Mayor of London Charles Bowman ahead of a five-day visit to India later this week.
Bowman, who will visit Mumbai, Bengaluru and New Delhi from Sunday, is leading a delegation of British fintech companies to build tie-ups and cooperation in both countries..
While the firms will be looking to build on opportunities in India — in areas such as block chain, insurance, payments and financial inclusion — he hopes to open avenues for Indian firms in the UK too. “I should stress I don’t see this as a one-way relationship… the digital skills the people in the sector have in India are invaluable and the people-to- people agenda is very important,” Bowman told BusinessLine ahead of his visit.
Bowman is the leader of London’s financial district, the City (a role distinct from the city’s elected mayor) and is charged with expanding its relationship with global partners. Some 15 Indian financial firms are located in the City of London.
Two-sided opportunity
“I think there are significant opportunities both for India and the UK — 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.
Among the firms heading to India are payment processing outfit Worldpay, blockchain tech firm Chainvine, insurance tech company Wrisk, and eight others. 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, and fintech has been particularly noteworthy,” said YK Sinha, Indian High Commissioner. “London will always remain a global financial hub.”
Purposeful system
“We are quietly confident. We are the international financial centre for the globe and are confident that beyond the bump in the road we will continue that mantle in the future,” said Bowman in the context of Brexit.
“I will be sending a message of absolute reassurance (to those I meet in India). We are an extremely resilient city and 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 the 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 — will create opportunities for enhancing the relationship with India.
“We will engage with the government to ensure the system and processes are fit for purpose,” Bowman said.
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