UK Plans To Strengthen FinTech Ties With India

UK Plans To Strengthen FinTech Ties With India

British politicians, central bank officials and prominent FinTech executives visited India to discuss trade relations between the two countries.Th

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British politicians, central bank officials and prominent FinTech executives visited India to discuss trade relations between the two countries.

The UK delegation was led by Philip Hammond and included Her Majesty`s Treasury FinTech envoy Eileen Burbidge and Bank of England governor Mark Carney along with executives from leading banking and technology companies.

The meeting was hosted by Arun Jaitley, India`s finance minister and took place in New Delhi and Mumbai.

India – a strategic partner

India is among the leading global investors in the UK.

“As we prepare to leave the European Union, it is more important than ever that we strengthen our relationship with India, one of the world’s leading economies and one of our oldest friends and allies.”, said Chancellor Philip Hammond as quoted by cryptocoinnews.com.

“Our trade and investment relationship is already strong – the UK has been the largest G20 investor in India during the last 10 years and India is a leading global investor in the UK, creating over 7,000 new jobs last year alone, but there is much more we can do. I am looking forward to positive and productive talks with Finance Minister Arun Jaitley and his team.”, he added in a quote published on gov.uk.

India gained its independence from colonial British rule in 1947. The country is now one of the world`s fasters growing economies and an important trade partner for the UK.

“India invests more in the UK than in the rest of the EU combined, while the UK is the biggest G20 investor in India.”, as Greg Clark, UK secretary for business, energy and industrial strategy, elaborated.

The Dialogue itself will take place in Delhi and the focus would be on the possible strategic partnership between the two countries.

In Mumbai, the Chancellor will meet Indian FinTech start-ups and give a speech the UK-India FinTech conference, as stated by the press release of the British government.

A number of deals are expected to be signed during the visit. Some of the include the 12-million-euro investment in UK-based Western Thermal Limited that is going to be made by Mumbai based Indsur Group.

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