India and the United Kingdom on Thursday launched a new fintech corridor, which is aimed at strengthening the financial and digital cooperation between the two nations. The announcement was made by Prime Minister Narendra Modi during the two-day visit of his British counterpart Keir Starmer.
The National Stock Exchange of India, one of the country's two leading bourses, welcomed the development, suggesting that it would deepen the financial ties between the markets of India and the UK.
This is a a step "towards a GIFT City–London Stock Exchange collaboration", the exchange said. "NSE through NSE International Exchange (NSEIX) at GIFT City, Gandhinagar looks forward to deepening financial integration between our countries and markets."
NSE welcomes the India–UK Fintech Corridor announced by Hon'ble Prime Minister Shri Narendra Modi, in the presence of Rt Hon Sir Keir Starmer—a step towards a GIFT City–London Stock Exchange collaboration. NSE through NSE International Exchange (NSEIX) at GIFT City, Gandhinagar… https://t.co/hntE1rA30c
The India-UK fintech corridor aims to promote greater collaboration between the London Stock Exchange and India's Gujarat International Finance Tec-City. This will help create opportunities, open new avenues for fintech innovation and scale startups. It will also help strengthen cross-border investment and technology partnership.
While speaking at the Global Fintech Fest in Mumbai, Modi highlighted India's leadership in digital innovation and described its digital infrastructure as a 'ray of hope' for the Global South. "With our digital innovation, we want to increase digital cooperation and digital partnership in the world,” he said.
Modi emphasised that technology is not just a matter of convenience, but a means of equality. "Today, digital payment is a part of everyday life. The credit for this goes to the JAM Trinity (Jan Dhan, Aadhaar and Mobile)," he added.
India's fintech prowess is getting global recognition, he said, adding that the country is not only sharing technology with other nations but also helping them develop it. "We have to create such a fintech world where technology, people and planet can all prosper. The goal of innovation should not be just growth but also goodness, and finance not just means numbers but human progress," he said.
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