India and the United Kingdom held the fourth UK-India Financial Markets Dialogue (FMD) in London. The primary objective of the dialogue was to strengthen cooperation in the financial services sector, facilitate cross-border investment, and promote robust and open financial markets. Discussions covered topics such as capital markets, insurance and pensions, asset management, sustainable finance, and fintech.
Both sides welcomed the progress made under the India-UK Financial Partnership (IUKFP) and agreed to deepen regulatory cooperation and information sharing to boost mutual investment and strengthen financial market ties.
The dialogue brought together officials from India’s Ministry of Finance and the UK’s HM Treasury, as well as regulators such as SEBI, RBI, IFSCA, PFRDA, IRDAI, the Bank of England, and the Financial Conduct Authority.
Regarding capital markets, India highlighted the reforms undertaken to improve access for foreign investors and the growing role of Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) in attracting international capital.
Both countries also discussed opportunities for cross-border equity and bond listings, as well as for strengthening connectivity between their capital markets. The discussions also covered insurance and pensions, including opportunities in reinsurance and cooperation between the London Market and Indian insurers and reinsurers.
India and the UK held discussions on fintech, artificial intelligence, and financial innovation. India emphasized the role of digital public infrastructure, digital payments, digital identity, CBDCs, and data-sharing frameworks in enhancing financial inclusion. Both sides also discussed the opportunities and risks associated with AI in financial services—such as fraud, cyber threats, and data security—and agreed to continue regulatory cooperation to foster responsible innovation and prevent fraud.
Both sides reaffirmed support for the G20 Roadmap for Enhancing Cross-Border Payments and agreed to continue cooperation on improving payment interoperability and efficiency.
Both countries reaffirmed their commitment to further strengthening cooperation in financial services under ‘Vision 2035’ and continuing collaboration on the effective implementation of the UK-India Comprehensive Economic and Trade Agreement (CETA). This agreement came into effect on July 15, 2026.
(PIB)
