You are here: Home » PTI Stories » National » News
Business Standard

City of London strikes new fintech partnership with India

Press Trust of India  |  London 

The City of today announced that it has become a formal programme partner for the Access Programme (AIP) with at the heart of the tie-up.

Access Programme was launched by the in last year with the aim of facilitating investments by UK small and medium enterprises (SMEs) into India.

The formal partnership with the City of Corporation, which has already been working with AIP informally, will revolve around hosting delegations, providing practical support and advocacy and regulatory inputs.

"The UK is a world in fintech and by some estimates home to around 1,600 fintech companies. With for most transactions in India, and around one-fifth of the population still unbanked, I look forward to seeing how UK expertise can help accelerate the digital revolution, said Catherine McGuinness, at the City of

The corporation is the governing body of the of London, the financial heart of the city. It has a office in since 2007 to enable long-term relationship building with financial sector stakeholders across India and around 10-15 Indian financial firms are based in the Square Mile, which the corporation works closely with.

Indian to the UK, Y K Sinha, said, "The sharing of domain knowledge and expertise in and fintech will greatly benefit the programme as well as facilitate UK companies in these sectors to invest in India.

"I hope that our partnership with the City of London will serve as a platform for encouraging companies in the UK to tap the opportunities available in world's fastest growing large economy."

Besides McGuinness, Lord of London Charles Bowman, and for Asia will represent at future delegations as part of the new partnership.

The corporation's Global Exports and Investment Team, which has an with links to a variety of key stakeholders, will also support the expansion of UK companies to India.

In the short-term, the City Corporation will be supporting the an area where it perceives clear opportunities for both India and the UK.

Going forward, both sides will also look to work closely in other areas, including cooperation on issues such as bankruptcy and non-performing assets (NPAs).

Fintech is also a key topic at this year's Commonwealth Business Forum (CBF), being held in the lead up to the Commonwealth Heads of Government Meeting (CHOGM).

Around 800 CEOs and board members of leading global companies, including several from India, are set to descend upon the City of London next week to attend more than 40 sessions on key economic and business themes as part of the CBF.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 17:25 IST