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British Finance Minister says enormous potential for UK, India to work together

Xinhua, April 5, 2017 Adjust font size:

British Finance Minister (Chancellor of the Exchequer) Philip Hammond said Wednesday that there was enormous potential for New Delhi and Britain to work together, addressing UK-India FinTech conference in Mumbai.

"There is huge potential for us to work together and be strong partners in this space," he said.

Hammond is currently in India on a two-day visit to promote bilateral ties between India and UK and he arrived in Mumbai leading a trade mission and promote Britain leading FinTech sector.

The two sides explored feasibility of a UK-India FinTech Bridge.

"I believe it's in both our interests to maximise our collaboration across our economies, particularly in FinTech," Hammond said.

Officials say the Indian FinTech software market currently stands at 1.2 billion U.S. dollars and expected to reach 2.4 billion U.S. dollars by 2020.

The traditionally cash-driven Indian economy has responded well to the FinTech opportunity, primarily triggered by a surge in e-commerce and smartphone penetration.

Hammond said London's future lies in working with fastest growing economies of the world.

Wednesday's programme in Mumbai was an effort aimed at increasing bilateral flow of financial and professional services, trade and investment between the UK and India in the FinTech sector.

The programme provide opportunity for visiting delegates to meet and visit a number of Indian and international start-up accelerators and incubator sites in Mumbai, besides holding an interaction with the FinTech regulators in India.

"India having world's largest young population offers huge opportunity for UK businesses and technology to meet their demands," Wyre Forest, minister in the Department for International Trade said. Endit