Mumbai, 22 September 2022 (TDI): The third edition of Global Fintech Fest (GFF) is organized by the National Payments Corporation of India (NPCI), Payment Council of India (PCI), and Fintech Convergence Council (FCC).
At this event, both UK and India emphasized the need for greater cooperation between India and the UK for a flourishing fintech ecosystem in both countries.
“Fintech solutions lie at the heart of innovation in financial services.
🇮🇳🇬🇧 #fintech environments are already closely linked,
with #tech development & operations for 🇬🇧 financial services coming from 🇮🇳 & with many 🇬🇧 fintechs entering 🇮🇳 market” said @citylordmayor #GFF2022 pic.twitter.com/rTkoEmMAst
— Department for International Trade India (@tradegovukIND) September 22, 2022
GFF 2022 is being held between September 20 and 22, 2022 at the Jio World Convention Centre in Mumbai.
The United Kingdom considers India as one of the most important markets for its fintech firms. As India is soon to become the world’s third-largest economy both countries are now looking to sign the Free Trade Agreement.
Speaking at the event Alderman Vincent Keaveny, the Mayor of London said, “The Free Trade Agreement will pave a way for significantly stronger business relations between the two countries.”
The Mayor further added that the UK-India 2030 vision is the roadmap for revitalizing a dynamic connection between our people, trade and investments, and technological collaborations.
Also read: IDA sets a roadmap for improving FinTech
With this collaboration, the UK and Indian financial sectors continue to drive growth and prosperity in their respective countries. The UK sees opportunities for trade, investment, and collaboration with India across financial technology (fintech).
The UK industry lobby group sees opportunities for businesses in India’s fintech sector, where mobile internet usage is rising rapidly. Since the younger demographic is accustomed to utilizing mobile devices and is eager to try new products and services.
Moreover, this rapid adoption of new solutions in the payments space entering the fintech industry can be quite pleasant for the UK. The partnership between both countries will grow as negotiations for a free trade agreement are underway.