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Indian fintech delegation explores UK market

Press Trust of India  |  London 

A group of 18 Indian fintech companies is exploring expansion plans to the UK market as part of the UK-Fintech Rocketship Programme.

The companies, across sectors such as mobile tech, data analytics and online payment solutions, are among the new cohort to benefit from the Rocketship Awards, set up as part of the Tech Partnership to collaborate and raise funding for fintech entrepreneurs from the UK and annually.

"These businesses demonstrate the industry's ability to attract Foreign Direct Investment (FDI) from all corners of the globe. Just last year we saw a 321 per cent increase from India," said Graham Stuart, UK in the (DIT).

"The UK is the top FDI destination in and an undisputed global fintech capital, currently accounting for 11 per cent of the global fintech industry and contributing USD 3.3 billion to the UK DIT will continue to support businesses to invest into the UK, reaffirming our nation as the best place to raise capital for foreign investment," he said.

The Indian delegation included Nomisma Mobile Solutions, Nineroot Technologies, Chillar Payment Solutions, Rupeepower, Credenc, Lithasa Technologies, CredRight, Fingpay, Aye Finance, StashFin, Intelligence Node, Safehouse, Zuper, Oro Wealth, Clensta, Zest IOT, Inclov and Mobile Wallet.

At an event organised by the Corporation and the in London, the companies attended a fintech roundtable at on Friday to discuss barriers to entry in the UK and how these can be addressed.

Led by the Lord of and Deputy Indian High to the UK Charanjeet Singh, the event brought together stakeholders from Innovate Finance, Grant Thornton, Santander and investment firm to share their expertise on the UK-India relationship.

"India and the UK have much to gain by increasing ties in fintech, an area seeing significant growth and innovation in both our countries," said Estlin.

"Many Indian firms have expressed interest in setting up in the UK, but market access remains an issue for some, especially smaller companies. This meeting in aims to explore what support organisations like the can provide to address this and further open our doors," he said.

According to the City of London Corporation, the governing body of the financial heart of London known as the Square Mile, the UK's fintech sector is worth around 6.6 billion pounds to UK GDP and accounts for 76,500 jobs.

The latest Indian fintech delegation follows a visit to India in October 2018 by former Lord Charles Bowman, who led a UK fintech delegation to Mumbai, and

The delegation from India coincided with the UK Fintech Week, backed by the and

UK Fintech Week, which concluded on Friday, was designed as a think-tank and collaborative approach to cover topics such as post-Brexit UK, artificial intelligence, blockchain and cyber security.

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

First Published: Sat, May 04 2019. 18:10 IST