Last week the two countries signed a series of deals aimed to boost tech trade and investment.
Prime Minister Theresa May and Prime Minister Narendra Modi last week announced a series of measures to establish a new UK-India Tech Partnership including fintech.
The idea is to identify and pair businesses, venture capital and universities to help bring to market innovative new technologies.
Whilst not exclusively aimed at fintech, AltFi understands, disruptive finance is seen by many on both sides of the partnership as a key area of focus. The UK is a clear global leader for fintech investment, especially within Europe, and India is home to one of the largest under-banked populations on earth.
The partnership follows on from a similar effort – the UK-Israel Tech Hub - which has generated £62m worth of deals over the past five years, with a potential impact of £600m for the UK economy, it says.
With India a vast market, the Government believes this initiative could give the UK economy a significant boost. It is estimates the UK-India Tech Partnership could contribute to an increase of thousands of tech jobs in the UK in the coming years.
Digital Secretary Matt Hancock (pictured) said: “Our world-leading digital economy is booming, worth more than £116bn a year and employing more than two million people. We’re determined to see this incredible success continue, and this ambitious UK-India Tech Partnership will bring together some of the best minds working in tech to unlock its future potential and deliver high-skilled jobs and economic growth in both countries.”
The UK will initially invest £1m to pilot the approach and potentially up to a further £13m by 2022.
This will include building a network of in-country experts working with the British High Commission in New Delhi. Smaller regional teams will link specific cities and regions in India and the UK.
Last week the Chancellor Phillip Hammond unveiled a raft of measures to boost fintech partnerships with Commonwealth nations.