A GROUP of 18 Indian fintech companies is exploring expansion plans to the UK market as part of the UK-India Fintech Rocketship Programme.
The companies, across sectors such as mobile tech, data analytics, and online payment solutions, are among the new cohort to benefit from the Rocketship Awards, set up as part of the UK-India Tech Partnership to collaborate and raise funding for fintech entrepreneurs from the UK and India annually.
"These businesses demonstrate the industry's ability to attract Foreign Direct Investment (FDI) from all corners of the globe. Just last year we saw a 321 per cent increase from India," said Graham Stuart, UK investment minister in the department for International Trade (DIT).
"The UK is the top FDI destination in Europe and an undisputed global fintech capital, currently accounting for 11 per cent of the global fintech industry and contributing $3.3 billion to the UK economy. DIT will continue to support businesses to invest into the UK, reaffirming our nation as the best place to raise capital for foreign investment," he said.
The Indian delegation included Nomisma Mobile Solutions, Nineroot Technologies, Chillar Payment Solutions, Rupeepower, Credenc, Lithasa Technologies, and others.
At an event organised by the City of London Corporation and the Indian High Commission in London, the companies attended a fintech round table at India House last week to discuss barriers to entry in the UK and how these can be addressed.
Led by the Lord Mayor of London Peter Estlin and deputy Indian high commissioner to the UK Charanjeet Singh, the event brought together stakeholders from Innovate Finance, Grant Thornton, Santander and investment firm CoBa to share their expertise on the UK-India relationship.
"India and the UK have much to gain by increasing ties in fintech, an area seeing significant growth and innovation in both our countries," said Estlin.
"Many Indian firms have expressed interest in setting up in the UK, but market access remains an issue for some, especially smaller companies. This meeting in London aims to explore what support organisations like the City of London Corporation can provide to address this and further open our doors," he said.
According to the City of London Corporation, the governing body of the financial heart of London known as the Square Mile, the UK's fintech sector is worth around £6.6bn to UK GDP and accounts for 76,500 jobs.
The latest Indian fintech delegation follows a visit to India in October 2018 by former Lord Mayor Charles Bowman, who led a UK fintech delegation to Mumbai, Bengaluru, and Delhi.
The delegation from India coincided with the UK Fintech Week, backed by the UK government and City of London Corporation.
UK Fintech Week, which concluded on Friday (3), was designed as a think-tank and collaborative approach to cover topics such as the post-Brexit UK, artificial intelligence, block-chain and cybersecurity.
(PTI)
