Indian entrepreneurs to work on fintech, green finance ties with UK

The City of London Corporation today announced the names of two Indian business leaders as new members of its influential India Advisory Council (IAC) as part of its efforts to further strengthen the India-UK cooperation in fintech and green finance.

Leo Puri, Managing Director of UTIAsset Management, and Sanjay Jain, Chief Innovation Officer of the Centre for Innovation Incubation and Entrepreneurship at the Indian Institute of Management (IIM) Ahmedabad, will join the corporation's now 14-member strong IAC.

Established in 2007, the IAC guides London's engagement with India. Other members of the advisory council include Reliance IndustriesChairman Mukesh Ambani andHDFC Chairman Deepak Parekh, whose company was the first to list a Masala Bond at London Stock Exchange.

The World Bank estimates that India needs about USD 4.5 trillion in infrastructure funding by 2040, billions of which will go towards sustainable projects. The City of London Corporation's leadership in green finance is already lending support to the country, and Leo's introduction will only serve to further drive forward this agenda, Sherry Madera, Special Adviser at the City of London Corporation, said.

She further said fintech is another key area of India-UK cooperation being supported by the corporation through a tie-up with the Indian High Commission's Access India programme. With a vast majority of transactions in India still undertaken in cash, the corporation sees "tremendous opportunities" for UK firms.

With Sanjay on board, our Advisory Council not only has the brains behind the India Stack, but also one of the architects of India's pioneering Aadhaar identity scheme. The future of London-India ties certainly look promising, Madera said.

Speaking about his appointment, Jain highlighted the "synergies between the fintech ecosystem in India and the UK.

Puri said he is looking forward to work with the City of London Corporation in developing mutual opportunities for financial institutions and corporates in both India and the UK.

In addition, sharing ideas on evolving regulations and enabling policy frameworks will be of great value, he further said.

The IAC's expansion came following Madera's recent Mumbai visit to attend the Asia Infrastructure Investment Bank (AIIB) General Meeting alongside the UK Chancellor of the Exchequer, Phillip Hammond.

During the meeting, the AIIB had committed to invest USD 200 million in the National Investment and Infrastructure Fund (NIIF) set up by India for infrastructure projects.

Earlier this year, the NIIF had partnered with the UK government to create Green Growth Equity Fund with an initial investment of GBP 240 million jointly funded by the UK and the Indian governments. The fund aimed at raising GBP 500 million from institutional investors as well as a significant investment from UK solar power company Lightsource and Private equity firmEverstone to invest in renewable energy and clean technology in India.

Earlier this week, the UK government had announced to co-fund a new Green Finance Institute with the City of London Corporation to champion sustainable finance in the country and abroad.

The corporation provides local government and policing services for the financial and commercial heart of Britain, known as the Square Mile of London. Its remit includes supporting and promoting the City as a world-leading financial and business hub.