London:
Alderman Peter Estlin,the Lord Mayor of the City of London has said that UK and India can work together on more innovative and emerging industries, like Fintech, green finance and infrastructure investment.
He was speaking at India Day, an event organised by the Department for International Trade, on Tuesday
As the most recent budget announced by the new Indian Finance Minister shows, there’s a lot of opportunity for collaboration. Whether it is developments in the insurance sector, raising capital from external markets or infrastructure expertise – the City is well placed to help, he said.
“And I can announce today two new deals. UK firm R5FX have agreed a partnership with Edelweiss GIA to improve their offer through their Fintech expertise. And Indian challenger bank TMW Pay are expanding internationally they are now here and operational in London having invested £20 million and creating 100 jobs,'' he said.
Since 2014, Indian Fintech start-ups have seen almost £4.5 billion pounds invested across 660 deal. And UK has the people, the talent and the capital to help create opportunities for Indian Fintechs to grow and test their Fintech products.
This long-dated friendship has led to an incredible business partnership, one that continues to improve. UK's exports to India increased at the fastest rate among our top trading partners outside the European Union, with an almost 20 per cent hike in goods and services trade in 2018.
In fact, the UK imported more from India than any other Commonwealth country. And I believe that the most innovative and dynamic part of this trading relationship is in our financial and professional services…
For over a century, India has been an important partner of UK.
“ In fact, some of our most long-standing businesses in the City are Indian – with the State Bank of India having offices here since the turn of the century. Today, the London Stock Exchange is the leading centre for the issuance of ‘Masala bonds’. And the City of London Corporation has had offices in Mumbai for over a decade,'' he said.