UK-based FinTech firms eyeing entry to India

The City of London Corporation and High Commission of India will host a roundtable today to help UK FinTech firms break into the Indian market.

Taking place at India House, around 15 companies will discuss the barriers and challenges UK firms currently face in entering India's market and what can be done to resolve these.

The session will be chaired by the City of London's Special Adviser for Asia Sherry Madera and supported by officials from the High Commission of India.

Several of London's prominent FinTech start-ups are expected to attend, including Digital Shadows, Onfido, Global Processing Services and PESB, alongside representatives from the Department for International Trade, the UK India Business Council and Innovate Finance.

The roundtable is the first of a series of planned FinTech activities that will be jointly held in the UK and India by the City Corporation and Indian High Commission.

The events are aimed at supporting UK firms who want to enter the Indian market, and form part of the India High Commission's Access India Programme, launched by High Commissioner Y. K. Sinha in September 2017. The initiative, the first of its kind in the UK, aims to attract investments from British SMEs into India, as part of the 'Make in India' strategy promoted by the Government of India.

"The City of London Corporation is delighted to support the High Commission of India's Access India Programme. Many fintech's in the city have long seen the potential of India's market, but have been unsure about how to access the opportunities. The roundtable today marks the start of what I'm sure will be a long and prosperous partnership between the City of London Corporation and High Commission of India and should go some way to helping UK fintech's expand their operations in India," said Sherry Madera.

"Government of India has identified fintech as a major priority for the development of the financial and digital infrastructure in India. Fintech companies in India will benefit hugely from the 'India Stack' that the government has established through financial inclusion and the Aadhar system. As per a report by the National Association of Software and Services Companies (NASSCOM), the Indian fintech software market is forecasted to touch USD 2.4 billion by 2020 from the current USD 1.2 billion. This provides a great opportunity to UK fintech firms to collaborate in India's quest to transform the lives of 1.2 billion people. The high commission is ready to support companies interested in entering India through the Access India Programme," added Y.K. Sinha.

The City of London Corporation has had an Indian representative office in Mumbai since 2007. Working alongside partner organisations here and in India for over a decade, the office actively promotes closer relations between India and the UK in financial services.