India-UK Financial Dialogue: Fintech | FinTech Magazine
A financial market dialogue meeting between India and the UK has been held to discuss shared views and potential collaboration in the evolving field of financial regulation.
Representatives from the Indian Ministry of Finance and HM Treasury sat at the table, along with independent regulatory bodies the Reserve Bank of India, the Securities and Exchange Board of India, the International Financial Services Center Authority, the Insurance Regulatory and Development Authority of India, the Bank of England and the Financial Conduct Authority.
According to a UK government release, the parties discussed current risks in the financial sector and international developments on crypto-asset regulations. This news comes at the same time that the EU approved a new framework for crypto regulation called MiCA.
A regulatory collaboration
In addition to crypto, discussions were held on the regulation of cross-border payments and updates on insurance, such as the UK’s introduction of an insurance regulatory regime.
An exchange of knowledge on pension fund (PF) regulation was also highlighted, along with investment opportunities from PFs and development of technology-based solutions for Social Stock Exchange.
Furthermore, cooperation on sustainable finance between Indian and UK central banks was proposed along with technical discussion on regulations for ESG assessment providers.
A promising collaboration
Strengthened cooperation on fintech between the UK and India is something observer Chris Kneen, UK & Ireland managing director of software provider Provenir, says shows “promise” for the future of the industry.
He notes: “The UK has long-standing and strong relationships with India and this new report highlights how the two countries can continue this legacy, but in the modern fintech context.
“India is a natural partner for the UK, given its status as one of the most promising fintech markets in the world. The report’s recommendation to develop the UK as a complementary source of capital for Indian fintechs considering an IPO is particularly exciting, as it provides an opportunity for UK investors to tap into the fast-growing Indian fintech market.”
India’s rise in the global business landscape
For others, India-UK cooperation points to a larger trend: the rising value of India’s technology sector and its increased investment in infrastructure, after it recently overtook China to become the world’s most populous country.
Startup platform provider Innovation Park released a statement on India’s growing global influence: “India’s rapid economic growth is largely attributed to its booming technology sector, innovative startups and investment in infrastructure. Key factors driving India’s growth include a huge, young and skilled workforce, increasing urbanization and a growing middle class with increased purchasing power.”
The company’s CEO, Julia Vorontosova, spoke about the partnership opportunities India also offers the EU: “India’s meteoric rise presents an extraordinary opportunity for the EU to engage in a fast-growing market. This partnership is not just about numbers, but about building synergies that will define the future of business and investment for both regions.”
