BRIGHT FUTURE AHEAD: India’s financial technology sector is booming; and (below) Mark Field


NEW REPORT HIGHLIGHTS ‘EXPLOSIVE GROWTH’ OF ASIAN COUNTRIES

INDIA is a dominant force in the financial technology sector globally with 29 per cent annual returns on in­vestments, a report released by the City of London Cor­poration said.

The Corporation – the municipal governing body of the British capital – released the report as part of its launch of a new “Asia Next Decade” campaign.

The Asia as a financial services partner for London report also found that the “demonetisation wave” in India led to a 1,000 per cent increase in demand for digital transaction technologies last year after the government banned the high- value banknotes of `500 and `1,000.

“Annual returns on FinTech (financial technology) in­vestment in India are highest worldwide at 29 per cent, compared to Asia’s average of 25 per cent and the global 20 per cent standard,” the report, collated by Asia House, said.

The research shows that Asia is the fastest growing trade partner for the UK and is forecast to account for around half of the worlds GDP by 2030.

In 10 years time, China and India will be the first and third ranked world economies respectively, while Indonesia is projected to be the world’s fifth biggest economy in 2030, just below Japan, based on Purchasing Power Parity (PPP).

This “explosive growth” represents a general trend across the 10 countries that represent the Association of South East Asian Nations (ASEAN), which as a trading bloc is set to become the world’s fourth-largest market by 2030.

City of London Corporation policy chairman cathe­rine McGuinness said: “As the UK prepares to leave the European Union (EU), one thing the govern­ment has made clear is its ambitions to help com­panies expand their operations across the world.

“Asia, which by 2025 is forecast to account for nearly half the world’s GDP, is a crucial part of this Global Britain vision”.

The City of London Corporation provides local government and policing services for the financial and commercial heart of Britain, known as the “Square Mile” of London.

Its remit includes supporting and pro­moting the “City” as a world-lead­ing financial and business hub.

The new Asia Next Decade campaign comes as the corpo­ration celebrates the 10-year anniversary of represent­ative offices in Beijing, Shanghai and Mumbai, all of which will hold special events to mark the milestone. “In 2018, the City of London is committed to driving growth through partnership. This is the beginning of City of London: Asia Next Dec­ade,” said City of London Corporation special adviser for Asia Sherry Madera.

A new website, cityoflondon.gov.uk/asi­anextdecade, invites industry partners to submit their views on Asia and ensure Lon­don’s comprehensive engagement with the region.
UK Foreign and Commonwealth Office (FCO) minister for Asia and Pacific Mark Field described London as “a beacon for Asia”, which will continue to hold on to its premier position post-Brexit.

“Our country stands on the threshold of a new era as we leave the EU to forge an inde­pendent future, and as min­ister for Asia, I am commit­ted to promoting Lon­don’s offer to the fastest growing and most dy­namic region in the world,” he said. (PTI)