UK fintech firms hold talks to access Indian market

Around 15 financial technology (fintech) companies from Britain today held roundtable discussions here to explore opportunities for expanding in the Indian market.

The meeting at India House in London was coordinated by the City of London Corporation as part of the Access India Programme, a flagship scheme of the Indian High Commission to support UK businesses access the Make in India initiative of the Indian government.

“Many fintechs in the city have long seen the potential of India’s market, but have been unsure about how to access the opportunities. The roundtable today should go some way to helping UK fintechs expand their operations in India, said Sherry Madera, City of London Corporations Special Adviser for Asia and chair of the roundtable.

UK-based companies like Digital Shadows, Onfido, Global Processing Services (GPS) and PESB joined representatives from the UK’s Department for International Trade, the UK India Business Council (UKIBC) and Innovate Finance to deliberate on the barriers and challenges the UK firms face when entering India’s market and the ways to resolve these.

Indian High Commissioner to the UK, Y K Sinha, highlighted that fintech has been identified as a major priority for the development of the financial and digital infrastructure in India, with companies in India set to benefit from the “India Stack” that the Indian government has established through financial inclusion and the Aadhaar system.

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