The City of London Corporation has teamed up with India’s High Commission in the UK to boost financial links between the two countries, with a particular focus on fintech.
The Corporation today announced it will be a partner with the High Commission on its Access India programme.
Access India aims to make it easier for British small and medium-sized firms to invest in India, often seen as one of the most difficult of the large economies to invest in.
India was the world’s seventh-largest economy in 2016, according to the World Bank, but rapid growth will see it outpace the UK in the next two years, according to projections by the Centre for Economics and Business Research. However, India ranks only 100th in the World Bank’s ease of doing business rankings.
Catherine McGuinness, policy chairman at the City of London Corporation, said the UK’s fintech firms can help a massive population to gain access to formal financial services for the first time.
“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,” she said.