The Department for International Trade starts fintech competition as part of the Global Entrepreneur Program
Hyderabad: The UK Government’s Global Entrepreneur Program (GEP) was launched in 2005 to help the world’s best entrepreneurs, including those from India, go international by setting up their global headquarters in the UK with the support of a team of deal makers. In the UK, the program is helping these companies grow, globalize and create quality jobs.
Alpesh Patel, Dealmaker, UK Department for International Trade, explains Telangana today new initiatives under the JEP and the sectors where Indian companies have global potential.
We launched a fintech competition as part of our GEP to attract global talent, including entrepreneurs from India. We are looking for companies that are strongly growth-oriented and drive innovative companies with global ambitions. Leading UK venture capitalists will assess the potential of Indian companies entering the competition. Applications will be received by the end of July, the list of finalists will be ready by the third week of August and the Indian companies will be integrated into the program from then on, which will receive a number of benefits.
We are already seeing a lot of entries from Indian entrepreneurs. Instead of selecting a winner, multiple finalists will be shortlisted. We want to select great companies that want to grow their business by making the UK their global base. Connectivity, ease of doing business, strategic advice, and access to market, capital and business development are just some of the benefits Indian companies get through this initiative.
Perspectives for Fintech
Before Covid, sectors like artificial intelligence and cybersecurity saw tremendous growth. The pandemic has accelerated the growth of fintech companies and platforms, which are attracting great interest from investors. There is a lot of capital available from UK based investors looking for attractive returns. This trend is set to continue in the near future as there is a lot of innovation happening in the fintech space, and a lot of it from India.
Room for cooperation
We would like to show the strengths of Indian entrepreneurs in the fintech sector, who also create space for cooperation with one another in order to create a global presence, to bundle their synergies and to solve market problems.
Although the financial sector is booming, for which we launched fintech competition, there may still be opportunities in the future to launch special programs from the UK Department of International Trade for health tech, cleantech and cybersecurity, like Indian companies have shown growth potential in all of these sectors.
Companies such as Carbon Clean Solutions, Builder.ai and Voxta from Hyderabad benefited from the British GEP. Voxta offers voice biometrics, speech recognition and dialogue management solutions. Due to its access to the European and US markets, the UK remains an important location for Indian companies to set up branches.
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