A new report by the Indian-British Financial Partnership (IUKFP), a leading forum for cooperation in the field of financial services between India and the UK, outlined ways to activate and strengthen cooperation between the two countries in the field of fintech.
Source: Pixabay.com
This report contains recommendations for the Indian and UK governments and regulators. The British side was recommended to launch an international portfolio of certificates and an international portal to attract investments from India within the framework of pilot programs. Experts say that this concept of activity will allow the UK to establish links with emerging markets through the mediation of the Indian financial sector.
It is also recommended to provide access to talent from all over the world by launching a British-Indian partnership in the field of mobility with the involvement of fintech. This recommendation concerns the British side.
Experts say India’s world-class Aadhar digital identification scheme could be extended to the UK. Also, in their opinion, British regulators should study India’s experience in the field of payment systems.
Experts say that the UK can become an additional source of capital for Indian fintech firms that are considering entering the stock exchange.
The Indian side was recommended to increase the use of India Stack and explore the possibility of expanding access to the new account aggregator platform, which allows data exchange between multiple users.
Experts also say that it would be useful for India to study the British experience in the development of open banking.
The development of the Indian and British fintech industries in the format of a single system, according to the report, will be more effective if the practice of cross-border use of central banks’ digital currencies and the active use of these currencies in payment systems will be launched.
India is recommended to develop fintech platforms for financing small and medium-sized businesses that would help stimulate cross-border trade and capital flows.
Strengthening the fintech ecosystem, according to experts, is possible with the help of cybersecurity and data protection, combining information exchange regimes in India and the UK.
Bill Winters, executive director of Standard Chartered Group and chairman of IUKFP in the UK, said that both countries are the world’s leading centers of the fintech industry and are natural partners in the field of financial innovation. He also stated that the recommendations, if implemented, would help strengthen cooperation and contribute to its further development.
Uday Kotak, MD and CEO of Kotak Mahindra Bank Ltd and Chairman of IUKFP in India, noted that the countries have long-standing economic relations. He also stated that India and the UK have world-class ecosystems. According to him, the British side can adopt the successful Indian experience in the field of payment systems. The UK for India, according to Kotak, can become a source of capital and advanced technologies.
As we have reported earlier, UK FinTechs Seek Government Support After SVB Collapse.
