City of London and High Commission of India join forces in fintech
As business leaders from India and across the world prepare to descend on London for the Commonwealth Business Forum (CBF), the City of London Corporation is pleased to announced it has become a formal Programme Partner for the High Commission of India’s Access India Programme (AIP).
Fintech is a hot topic at this year’s CBF, with 800 CEOs and board members of leading global companies, including several from India, coming to the City of London on 16 and 17 April 2018 to attend more than 40 sessions on key economic and business themes.
Access India was launched in September 2017 with the aim of facilitating investments by UK SMEs in India. The City of London Corporation and High Commission of India (HCI) have been working together for some time, particularly in the area of fintech, but today’s announcement formally cements their partnership.
In particular, both sides will work to:
- Join and host delegations, with Lord Mayor Charles Bowman, Policy Chairman Catherine McGuinness and Special Advisor for Asia Sherry Madera representing the City of London Corporation.
- Network, by providing practical support. The City of London Corporation’s Global Exports and Investment Team has an India-focused Account Manager that has excellent links into a variety of key stakeholders all of which support the expansion of UK companies to India.
- Provide advocacy/regulatory input. In the short-term the City Corporation will be supporting the HCI on fintech – an area where there are clear opportunities for both India and the UK. Going forward, both sides will also look to work closely in other areas, including cooperation in bankruptcy and non-performing assets (NPAs).
Catherine McGuinness, Policy Chairman at the City of London Corporation said:
“This partnership is the latest chapter in a long and fruitful relationship between the City of London Corporation and High Commission of India.
“The UK is a world leader in fintech and by some estimates home to around 1,600 fintech companies.
“With cash accounting 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.”
India’s High Commissioner to the UK, HE Mr Y. K. Sinha said:
“I welcome the City of London Corporation as a Programme Partner for the Access India Programme.
“The sharing of domain knowledge and expertise in financial services 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. “
The City of London Corporation has run a representative office in Mumbai since 2007 to enable long-term relationship building with financial sector stakeholders across India. Around 10-15 Indian financial firms are based in the Square Mile which the City Corporation works closely with, and there are many more based across London.
Notes to editors
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk
Financial Services Media Officer for Asia
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