04 Dec , 2021 By : monika singh
New Delhi: British
fintech
firms have announced investment plans worth over £100 million for the Indian market, UK's Chancellor of the Exchequer Rishi Sunak said.
India and the UK's respective strengths in the fintech sector make a strong case for bilateral cooperation, Sunak - the country's finance minister - added. "UK fintech firms have announced investment plans in the Indian market worth over £100 million, creating thousands of jobs in the process," he said at the InFinity Forum, organised by Bloomberg and the International Financial Services Centres Authority (IFSCA).
"This can also be seen through UK industry representation in and support for GIFT City which is one of the most exciting current developments in India's financial sector," he said. "I'm pleased that UK banks make up the largest number of GIFT City authorized international companies."
Fintech has shaken up financial services around the world, Sunak said, adding that nowhere else is this global transformation more evident than in India and the country is on track to become one of the top fintech hubs in Asia.
"India has an adoption rate of fintech of 87%, significantly higher than the global average of 64% and 11 Indian fintech startups have reached unicorn status this year alone," he said.
Fintech firms contribute £11 billion a year to the UK's economy and the sector represents 10% of the global share, he added.
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