The City of London today announced that it has become a formal programme partner for the Access India Programme (AIP) with financial technology at the heart of the tie-up.
Access India Programme was launched by the High Commission of India in London last year with the aim of facilitating investments by UK small and medium enterprises (SMEs) into India.
The formal partnership with the City of London Corporation, which has already been working with AIP informally, will revolve around hosting delegations, providing practical support and advocacy and regulatory inputs.
"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, said Catherine McGuinness, Policy Chairman at the City of London Corporation.
The corporation is the governing body of the Square Mile of London, the financial heart of the city. It has a representative office in Mumbai since 2007 to enable long-term relationship building with financial sector stakeholders across India and around 10-15 Indian financial firms are based in the Square Mile, which the corporation works closely with.
Indian high commissioner to the UK, Y K Sinha, said, "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."
Besides McGuinness, Lord Mayor of London Charles Bowman, and Special Advisor for Asia Sherry Madera will represent the City of London Corporation at future delegations as part of the new partnership.
The corporation's Global Exports and Investment Team, which has an India-focused Account Manager with links to a variety of key stakeholders, will also support the expansion of UK companies to India.
In the short-term, the City Corporation will be supporting the Indian High Commission on fintech an area where it perceives clear opportunities for both India and the UK.
Going forward, both sides will also look to work closely in other areas, including cooperation on issues such as bankruptcy and non-performing assets (NPAs).
Fintech is also a key topic at this year's Commonwealth Business Forum (CBF), being held in the lead up to the Commonwealth Heads of Government Meeting (CHOGM).
Around 800 CEOs and board members of leading global companies, including several from India, are set to descend upon the City of London next week to attend more than 40 sessions on key economic and business themes as part of the CBF.
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