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.