Chancellor Philip Hammond promotes UK FinTech in India

Philip Hammond

Chancellor of the Exchequer Philip Hammond is leading a two day visit to India to promote the UK’s FinTech sector after PM Theresa May triggered Article 50 last week to set the wheels in motion for Brexit.

The visit, which begins today, will see Hammond and other top financial policymakers including business secretary Greg Clark, attend the ninth UK-India Economic and Financial Dialogue (EFD) summit.

Ministers will seek to showcase how Britain is still open for business by making a series of announcements, which will include plans for increased collaboration between the UK and Indian FinTech sectors.

As part of the proposals, both countries will take forward a regulatory cooperation agreement that will seek to make it easier for both countries to share expertise on emerging trends and regulatory issues and facilitate investment in UK and Indian FinTech.

Chancellor of the exchequer Philip Hammond said: “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.

“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,” added Hammond.

Delegates on the trip include Eileen Burbidge, partner at Passion Capital and HM Treasury FinTech Envoy; Christoph Rieche, co-founder of Iwoca; and Kristo Kaarman, co-founder of TransferWise.

Burbidge spoke about the trip and the UK’s position in the global FinTech arena: “It’s brilliant to see so many FinTech-related initiatives announced as part of this Economic Financial Dialogue. 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, SMEs and larger financial services institutions alike, and I find it encouraging that this collaboration will now be made even easier,” she concluded.