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Peer2Peer Finance News | August 18, 2019

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UK fintech firms join chancellor for India trade visit

UK fintech firms join chancellor for India trade visit
Suzie Neuwirth

UK FINTECH representatives will be accompanying Chancellor Philip Hammond on his trade visit to India this week.

The Treasury’s fintech envoy Eileen Burbidge will be among the delegates, alongside Christoph Rieche, co-founder of working capital lender Iwoca and Kristo Kaarman, co-founder of money transfer service TransferWise.

Other delegates include executives from blockchain invoicing company Tallysticks, background checks start-up Onfido and robo-advisory firm WealthObjects.  

The aim of the visit will be to deepen the UK’s economic and trading relationship with India in the wake of the Article 50 trigger last week, which kicked off the two-year process of exiting the EU.

Read more: EU mulls fintech passporting in blow to London

The wider financial services sector will also be represented, with delegates including Bank of England Governor Mark Carney, Financial Conduct Authority chief executive Andrew Bailey and John Nelson, chairman of insurance market Lloyd’s of London.

Ministers will showcase how Britain is open for business, which will include taking forward a fintech regulatory cooperation agreement between India and the UK.

A number of commercial deals are expected to be signed during the trip, including the launch of Barclays’ UK-India fintech exchange programme, where three fintech startups from both countries will travel out to each other’s countries and work closely with mentors and finance professionals.

Hammond will visit Delhi and Mumbai as part of the trip, hosted by Indian Finance Minister Arun Jaitley.

Read more: Fintech Week 2017 set to showcase the UK’s strengths

“It’s brilliant to see so many fintech-related initiatives announced as part of this economic financial dialogue,” said Burbidge.

“Since the UK is the world’s leading fintech hub, we look forward to supporting the growing fintech ecosystem of India — and exchanging ideas, talent and investment between our two countries.

“As the UK regulator deepens its cooperation with India this is an important signal to UK fintech companies, small- and medium-sized enterprises and larger financial services institutions alike, and I find it encouraging that this collaboration will now be made even easier.”

Read more: MarketInvoice and Funding Circle represent P2P on fintech delivery panel 

“As we prepare to leave the European Union, it is more important than ever that we strengthen our relationship with India, one of the world’s leading economies and one of our oldest friends and allies,” said Hammond.

“Our trade and investment relationship is already strong – the UK has been the largest G20 investor in India during the last 10 years and India is a leading global investor in the UK, creating over 7,000 new jobs last year alone, but there is much more we can do.

“I am looking forward to positive and productive talks with Finance Minister Arun Jaitley and his team.”

Read more: UK fintech investment falls amid Brexit concerns