11 June 2018
UK FINTECH NEEDS TO LOOK BEYOND PAYMENTS FOR AN INDIAN SUMMER
Fintech is much more than just payments. Our CCO, Fraser Bell, discusses the future of fintech in FTSE Global Markets.
FTSE Global Markets 22/05/2018: Nothing like a well-timed meeting between two political powerhouses to showcase the importance of India to Britain post-Brexit.
But while last month’s carefully crafted photo op between May and Modi inevitably grabbed the limelight, it is by no means the only blossoming relationship between the two nations.
The City of London Corporation has teamed up with the High Commission of India in an attempt to support the development of, you guessed it, fintech. But like so many new initiatives surrounding perhaps the buzziest of business buzzwords, this particular link revolves around a familiar area – payments.
It is easy to see why. After all, with cash accounting for the majority of transactions in India, and around one-fifth of the population still without banking, the door is wide open to support a financial digital revolution across India.
This is all well and good, but investors need to understand that fintech is about much more than just payments. As such, political partnerships need to broaden their horizons beyond one specific part of the financial sector. There is endless tech innovation taking place within financial markets at the moment.