23
November
2020
|
13:36
Europe/Amsterdam

Lord Mayor meets India’s top fintech companies as part of virtual visit

Lord Mayor of London William Russell will continue his series of virtual international engagements with a two-day ‘visit’ this week to India (23-24 November).

Strengthening ties in fintech will be the top priority. India - like the UK - is a global fintech powerhouse, with the highest adoption rate in the world and the third-largest number of deals globally in Q1 2020.

As part of his virtual visit the Lord Mayor will also be announcing the winners of the UK-India Fintech Awards, with the winning companies in line to receive expert assistance and support about scaling-up in and working with the UK.

Sustainable finance will also be at the top of the agenda. The Lord Mayor will be looking to build on recent commitments made between the UK Chancellor and Indian Finance Minister at the 10th Economic and Financial Dialogue around developing a pathway towards sustainable capital flow between the countries.

This is a key opportunity, with the UK both a leader in developing standards across green investments and with India having a pipeline of over $1tn of infrastructure investment over the coming years. Progress will be key as the UK continues its preparations towards COP26 next year.

Finally, the Lord Mayor will be participating in a webinar on supporting gender diverse workplaces in financial spaces, along with senior leaders from HSBC, NatWest, IndiaFirst Life Insurance and Zest Money - a key priority for both the UK and India.

Lord Mayor of London William Russell said:

“There are massive opportunities for the UK investors and businesses to work with their Indian counterparts in the years to come.

“The depth of our ties with the Indian financial services ecosystem are a great starting point for our two countries, but I want us to now work more closely than ever before as the global economy becomes increasingly digitised.

“This will be vital as we look to support a prosperous future post-pandemic.”

The UK is the largest net exporter of financial services in the world, with the industry being the biggest contributor towards its trade surplus in services. Fintech contributes £6.6 billion annually to the UK economy, with the UK second in the global rankings for venture capital investment.

According to Accenture, investment in Indian fintechs grew from $1.9 billion over 193 deals in 2018 to $3.7 billion over 198 deals in 2019.

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