India clicks into place for British FinTech companies
A high-level delegation of financial technology (fintech) companies from the UK recently headed out to Mumbai to explore tie-ups in a market with an expanding digital consumer base. India is acknowledged as the fastest emerging fintech ecosystem globally. As many as 420 fintech start-ups came up in India over 2016-17, leaving behind the US at 305 new start-ups within that period. The UK is at the forefront of tapping into this ecosystem, with a recent flurry of activities linked with the sector. The Indian High Commission in London hosted a special roundtable with 15 fintech companies from Britain keen to explore opportunities of expanding into the Indian market. The initiative was part of the Access India Programme, a flagship scheme of the diplomatic mission to support UK businesses access the Make in India initiative of the Indian government. Y.K. Sinha, Indian high commissioner to the UK, said: “As per a report by the National Association of Software and Services Companies (NASSCOM), the Indian fintech software market is forecast to touch $2.4 billion by 2020 from the current $1.2 billion. This provides a great opportunity to UK fintech firms to collaborate in India's quest to transform the lives of 1.2 billion people.” The Indian government has identified fintech as a major priority for the development of the financial and digital infrastructure in India. It is hoped that fintech companies in India will benefit hugely from the “India Stack” that the government has established through financial inclusion and the Aadhar system.