Scotland India opportunities boosted as industry leaders sign MoU

Leading Business groups from Scotland and India have signed an agreement to build stronger links between financial services and fintech sectors in the two countries.

The Memorandum of Understanding between Scottish Financial Enterprise (SFE) and the Federation of Indian Chambers of Commerce and Industry (FICCI) was signed in the Scottish parliament today, in an event attended by MSPs, industry leaders and the Indian Consulate General.

The event forms part of two days of engagement by a delegation of senior Indian political and industry leaders to build collaboration between the two countries.

The MoU sets out nine areas of cooperation between the two parties where they will work together. These areas include exchange of important events, assistance in welcoming delegations, facilitating connections to start-ups, and exploring joint innovation projects.

CPG on India Founder and Convenor Pam Gosal MBE MSP said:

“I am delighted that the CPG on India has been able to facilitate and organise this MoU signing between SFE and FICCI. When I was elected in 2021 as the first Indian woman and one of the first women of colour, one of my goals was to strengthen relations between Scotland and India, hence why I founded the CPG on India

“This MoU can go a long way in further developing ties between the financial technology sectors in India and Scotland.

“Getting an MoU signed between the two parties was one of the objectives we had set out for our 2023 trip to India, so I am proud that we are now able to add this to the CPG’s list of accomplishments.

“I wish both SFE and FICCI the best of luck going forward and I hope this proves to be the start of a long and productive partnership.”

SFE Chief Executive Sandy Begbie CBE FRSE said:

“India has long been an important trading partner to the financial and professional services sector in Scotland and this agreement provides an opportunity to continue in that tradition, with many of our member firms have a significant presence in India.

“As identified by our sector growth strategy, Scotland is globally recognised for its fintech capability, which – combined with our world-class universities and global capabilities in data and AI - will be one of the key drivers of the growth of our wider industry. We look forward to unlocking the opportunities this agreement will enable.”

Ms Jyoti Vij, DG FICCI added:

“The signing of this Memorandum of Understanding between Scottish Financial Enterprise and FICCI marks a significant milestone in fostering stronger ties between Scotland and India in the realm of financial services in general and fintech sector in particular. Technology is permeating the financial services sector in multiple ways and the fintech sector, both in India and Scotland, is growing at a fast pace.

“The innovations that are taking place in our respective financial sectors offer an opportunity for cross-learning and co-creating novel financial solutions. FICCI and Scottish Financial Enterprise will work towards bringing our members together for exploring such avenues.”

Read the full MoU below: